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 ...
Vikings weren’t stupid. When they stole women from the villages they attacked they didn’t steal the ugly ones.
Best argument I can make for the “51st state” proposal.
Trading in the currency froze up! -- LOL
cabbage soup. It is supposed to be great for raising testosterone levels for athletes.
Maybe so but it makes them so noisey
Iceland: There’s always a preview prior to the real thing.
You make one very compelling point. That’s some legislation I can get behind!
Maybe I should have said “inexpensive”. “Cheap” has such a negative connotation.
(I do see your point, though)
No it’s what happens when a country adopts socialism. They have been feeding on the revenues of North Atlantic oil for years and have adopted a completely socialist system. No one in the country works anymore.
Well, ordinarily you could buy it it at your local currency exchange or wait until you land at Keflavik. However, it seems like all trading in Krona has been suspended, so I don't know it you can buy it at all. The stated exchange rate at xe.com has been frozen at 110 to the dollar for two days. The actual rate, where there were any trades at all was nearer 250 to the dollar, but there is no reliable market right now.
I hear ya! ROAD TRIP! I’ll buy the first round! I’d love to go back, had fun there before!
ww2 and the new deal during the GD didn’t bankrupt the US. We still had sound money then.
Iceland has cute women.
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I verified that forty five years ago by personal examination. By the way they aren’t cute they are gorgeous.
Hot damn. We must save that country!
Want to buy Iceland?
eBay bidding soars to £10 million
GREAT scenery and wildlife but financial situation in need of repair - collect in person.
http://www.businesstimes.com.sg/sub/news/story/0,4574,300816,00.html?
A Møøse once bit my sister in Iceland ...
. It is supposed to be great for raising testosterone levels for athletes.
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This is supposed to be a characteristic of all cruciferous vegetables, cabbage, broccoli, cauliflower etc. I eat a lot of cole slaw myself. I like sauerkraut but I don’t know if it preserves the testosterone boost effect.
Iceland has great fish, hot springs, invigorating climate and volcanoes. We need to keep the bidding going :)
... on Thursday as the government shut down the stock market and seized control of its last major independent bank... analysts said there was probably only one realistic option left: for Iceland to be bailed out by the International Monetary Fund.Sounds like they've managed to Bjork things in the butt. Thanks geo.
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