Would you go in debt to bail out banks to bail out depositors in a foreign country?
Let me think. NO!
The bill obliges the island to take on $5.3 billion, or 45 percent of last year’s economic output, in loans from the U.K. and the Netherlands to compensate the two countries for depositor losses stemming from the collapse of Landsbanki Islands hf more than a year ago.
Iceland’s credit rating has been downgraded to junk which will make it extremely expensive and difficult to refinance their debt.
In a wonderfully revengeful type possibly related note – the Icelandic Modern Media Initiative is still alive.
From a recent article in the Sunday Business Post Online:
Iceland has, in the last two years, watched its entire banking sector disappear and its economy pulled into a deep recession.
In trying to understand the causes of the collapse, it has become clear that, not only was it a case of corruption and misapplication of trust, but also a lack of government transparency and a legally-crippled media.
Iceland is in a prime situation – due to the crash – to reconsider where it wants to stand in the coming decades.
Due in part to the nature of the collapse here, it is important for Iceland to take the moral high ground.
Iceland could become the Switzerland of bits.
[...] Would you go in debt to bail out banks to bail out depositors in a foreign country? at fancy logo ca… [...]
Causes of the Depression and Roots of the Progressive Movement | Auto Insurance Companies Atlanta Ga
6 Mar 10 at 11:39 am