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Posts Tagged ‘Iceland Bankrupt’

Referendum on EU likely in Iceland

Posted by smeddum on May 5, 2009

Iceland Turns Left and Edges Toward EU

As news comes in from Iceland, it tends to confirm the direction towards a EU referendum. While the citizen’s movement that emerged from the protests in Reykjavík last winter; stresses that those protests had nothing to do with the EU but the collapse of the Icelandic bank sector and lack of actions from the authorities. Sheltering behind the Euro would be good for Iceland’s economy but the fear is that control of the fishing industry would go to Brussels.
While, in particular Europe is against whaling, there is the possibility of a transitional relationship.

By Leigh Phillips
Businessweek  April  27, 2009,

Icelandic voters punished the centre-right party that had governed the country for most of the last 18 years and dominated it for generations, delivering a clear majority in a snap general election to the centre-left Social Democrats and far-left and ecologist Left Green Movement. Read the rest of this entry »

Posted in Revolution in Iceland | Tagged: , , , | Leave a Comment »

Something is Rotten in the State of Iceland

Posted by seumasach on March 15, 2009

Where’s the money gone?- that is the question.

Iris Erlingsdottir

Huffington Post

15th March, 2009

In a remarkable interview on Icelandic television last week, Eva Joly, the famous French-Norwegian investigative magistrate and corruption fighter, stated that an investigation of the financial crimes that resulted in Iceland’s financial catastrophe (the kreppa) was necessary “for the social contract, for having the feeling of being at nation and living together.”

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Iceland minister: Must look at all options, including EU

Posted by smeddum on October 13, 2008

Iceland minister: Must look at all options, including EU
Mon Oct 13, 2008
REYKJAVIK (Reuters) – A key Icelandic minister long opposed to joining the European Union said on Monday that given the current financial turmoil, the country had to consider every option, including a shift in that stance. Read the rest of this entry »

Posted in Financial crisis | Tagged: , , | 1 Comment »

Iceland’s economy: reduced to haggis

Posted by smeddum on October 12, 2008

Stricken Nation Turns to Haggis

Icelanders Turn To Haggis
5:48am UK, Sunday October 12, 2008
Rachel Younger, Sky News reporter
Sales of haggis are not a commonly used indicator of economic health but in Iceland the spiralling demand for sheep intestines reflects how an entire country is tightening its belt. Read the rest of this entry »

Posted in Uncategorized | Tagged: , , | 5 Comments »

Iceland facing Bankruptcy halts trading

Posted by smeddum on October 10, 2008

Iceland halts stock trading
From Chicago Tribune news services
October 10, 2008

Iceland suspended trading on its stock exchange for two days and took control of the country’s largest bank—the third to be placed under its protective umbrella—on Thursday as it grappled with a banking crisis that is threatening to engulf the country. Read the rest of this entry »

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Iceland should turn to the IMF, not Russia

Posted by seumasach on October 7, 2008

A E4bn loan from Russia might make financial sense – although Russians might think otherwise given Moscow’s shaky finances. But it would create strategic ructions. Iceland is a NATO member, but Russia would want something in return for a loan equal to almost a third of the tiny state’s GDP. The US would fret this could eventually mean a Russian military presence in the North Atlantic.

These Telegraph fuddie-duddies, like the  ensemble of British punditry, have yet to grasp that the game is up, that support is coming from the East and that it will come with a geopolitical price. Despite British and US pressure, Iceland rejected IMF “help”.

George Hay


7th October, 2008

It has pegged the krona to the euro at 131 – the rate had swooned towards 200 on Monday – and is searching for foreign reserves. That’s a good idea. Less good is the idea to pass the cap to Russia.

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Iceland Going Bankrupt?

Posted by seumasach on October 6, 2008

“The usual patriotic and highly independent Icelandic politicians and union leaders are now crying out for EU membership to save them from the impeding collapse, much as Ireland was able to expand its liabilities many fold through its declaration of a 100% guarantee to all depositors, whilst comfortably sitting under the EURO umbrella and therefore avoiding a currency collapse that would have occurred if Ireland had an independent currency as does Iceland. Still Iceland will be forced to go cap in hand to the European Union to help prevent a total loss of confidence in the Krona which has crashed by 30% against the US Dollar in less than a month.”

Nadeem Walayat

Market Oracle

The focus of the financial storm now shifts to the small North Atlantic Island state of Iceland, a country with barely 330,000 inhabitants that saw its banks in recent years expand across Europe as they played and rolled the dice in the global derivatives market, financed on leverage from financial institutions across the globe that were eager to lend on the back of cheap low interest rate carry trade financing which delivered profits for nothing i.e. the difference between the rate borrowed and charged on the interbank market for a near limitless exponentially rising over the counter derivatives bubble that passed $500 trillions, that’s trillions NOT billions!

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