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Iceland is all but officially bankrupt
International Herald Tribune ^
| October 9, 2008
| Eric Pfanner
Posted on 10/10/2008 12:18:22 PM PDT by george76
People go bankrupt all the time. Companies do, too. But countries?
Iceland was on the verge of doing exactly that on Thursday as the government shut down the stock market and seized control of its last major independent bank. That brought trading in the country's currency to a halt, with foreign banks no longer willing to take Icelandic krona, even at fire-sale rates.
As the meltdown in the Icelandic financial system quickened, with the government seemingly powerless to do anything about it, analysts said there was probably only one realistic option left: for Iceland to be bailed out by the International Monetary Fund.
"Iceland is bankrupt," said Arsaell Valfells, a professor at the University of Iceland. "The Icelandic krona is history. The IMF has to come and rescue us."
Iceland has approached Russia about a loan of €4 billion, or $5.5 billion, to help see it through the crisis, but Haarde said no agreement had been reached.
(Excerpt) Read more at iht.com ...
TOPICS: Business/Economy; Extended News; Foreign Affairs; News/Current Events; Russia
KEYWORDS: bjorkcantsaveus; globalcollapse; globaleconomy; iceland; icelandicbailout; reykjavik; russia
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To: TheErnFormerlyKnownAsBig; Leifur
And Icelandic folks on this thread? Ping to Leifur!
.
41
posted on
10/10/2008 12:36:46 PM PDT
by
Incorrigible
(If I lead, follow me; If I pause, push me; If I retreat, kill me.)
To: Lazamataz
42
posted on
10/10/2008 12:38:42 PM PDT
by
ctdonath2
(The average piece of junk is more meaningful than our criticism designating it so. - Ratatouille)
To: Aquinasfan
I will never forgive Iceland for Bjork. Never.Or for making Bobby Fischer their national hero.
43
posted on
10/10/2008 12:38:58 PM PDT
by
buccaneer81
(Bob Taft has soiled the family name for the next century.)
To: george76
44
posted on
10/10/2008 12:39:09 PM PDT
by
wideawake
(Why is it that those who like to be called Constitutionalists know the least about the Constitution?)
To: george76
Well now wait a minute. The world press has been blaming this entire thing on the United States. You mean, *gasp*, others were responsible?
45
posted on
10/10/2008 12:39:28 PM PDT
by
Proud_USA_Republican
(We're going to take things away from you on behalf of the common good. - Hillary Clinton)
To: Lazamataz
Icelandic chick in humble native dress.
46
posted on
10/10/2008 12:39:53 PM PDT
by
Tribune7
(Obama wants to put the same crowd that ran Fannie Mae in charge of health care)
To: bdeaner
And she’s just been sold to George Soros.
47
posted on
10/10/2008 12:40:59 PM PDT
by
Tribune7
(Obama wants to put the same crowd that ran Fannie Mae in charge of health care)
To: george76
How does one go about purchasing Icelandic currency?
48
posted on
10/10/2008 12:43:00 PM PDT
by
frankiep
(Every socialist is a disguised dictator - Ludwig von Mises)
To: Lee'sGhost
To: Incorrigible
To: perfect_rovian_storm
That is an interesting thought. Better Iceland than Mexico.
51
posted on
10/10/2008 12:45:14 PM PDT
by
machogirl
(i)
To: Aquinasfan
Oh, come on now, Dancer in the Dark? Surely you have several sets of that fine film, ahem, on DVD. I hope you do, as it takes them out of circulation for the general population.
52
posted on
10/10/2008 12:45:18 PM PDT
by
Sparko
To: george76
...does this mean socialism is dead? Or just that we need more of it?
53
posted on
10/10/2008 12:45:51 PM PDT
by
Tzimisce
(How Would Mohammed Vote? Obama for President!)
To: Constitution Day
Maybe you and I can pick up some Icelandic babes on the cheap. www.icelandicwives.com
"If you're rigid, they're not frigid!"
54
posted on
10/10/2008 12:45:57 PM PDT
by
hunter112
(Gov. Palin is ten times the woman Hillary could've hoped to be, if she had stayed a "Goldwater Girl")
To: perfect_rovian_storm
And now you can pick one up for a song! lol Preferably one by Sigur Ros.
To: hunter112
To: avacado
Note the "O" hand signal! No, I think he's just bragging.
To: Constitution Day
Any babe i can pick up on the cheap isn’t worth me.
I have standards. Pretty low most times, but standards anyway.
58
posted on
10/10/2008 12:54:57 PM PDT
by
Travis T. OJustice
(Change is not a destination, just as hope is not a strategy.)
To: Travis T. OJustice
That post doesn’t make any sense.
I need beer.
59
posted on
10/10/2008 12:57:18 PM PDT
by
Travis T. OJustice
(Change is not a destination, just as hope is not a strategy.)
To: BlazingArizona
LOL!!!
Or perhaps wishful thinking on his part.
60
posted on
10/10/2008 12:57:35 PM PDT
by
avacado
(Barack Obama, the Cloward-Piven candidate)
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