Iceland: Thank Christ we are in the Euro … editcrunch

Change one letter in the name of the country and the article could almost be applied verbatim to how Irish people have lived for the last five years. I don’t think we’ll get to this point thanks to our ‘European brothers’ (sorry about Lisbon lads) but it makes for cautionary reading regarding a worst possible scenario for a physically isolated North Atlantic country without a strong industrial base.

Wow. That is truly frightening.

Doesnt one of these Icelandic Banks own an Irish bank? That might explain something in another post on here today.

Iceland was such a successful country with all sorts of clean energy technology etc. It is such a pity to see it in such a state. It is truly frightening to compare their currency to that of Zimbabwe. Truly frightening.


Mmmm… would now be a good time to visit the place? Couldn’t afford it before.

FYI - Icelands bubble was banking

Don’t think so. One of the Stockbroker firms (Merion I think) is owned by an Icelandic company, and an Icelandic bank was in the running to buy Irish Nationwide a while back.

And the article is indeed scary. Iceland will be used to counter any arguements about how Ireland should withdraw from the Euro.

Landesbanki owned something like 80% of Merrion.

There’s some nice articles on that blog. I found the above piece very interesting.

Executive Summary: Their politicians are even more self serving than ours.

Self-serving Politicos of a generally poor standard is NOT UNIQUE TO IRELAND. FFS ! :unamused:

I’d say we’re top 50 material. Enough for an invite to The Masters, but not contenders … :wink:

Iceland stock market just suspended trading on all financial stocks according to the BBC News

I disagree xman, I think we are easily top 10 material, think about it, the government has mushroom managed the people of this country for jesus knows how long and used every available excuse for their poor performance.
They have given away billions to developers etc through tax breaks and told us it was in the national interest to support the construction industry.
They have filled the public service, health service, civil service etc with managers to the detriment of front line staff ( managers and admin staff dont spend money on medicine).

But do you know what the killer is? People see this happening around them and still vote for these fu****s which leads me to believe they are a very clever shower and the electorate are as thick as planks not to mention political morons as they are getting 8- and cant even see it.

Iceland goes all Swedish:

If banning short selling doesn’t work, ban all selling. Nice eh!

Iceland is the canary in the coalmine. Keep your eye on it. If the ATMs stop working in Iceland, thats when Ill be buying bullion.

**Financial crisis: Iceland’s ordered to start selling foreign-owned assets

This sucker is going down 8)

Wonder how much they’re looking for West Ham and Merrion Stockbrokers.

Clowen take note :angry:

The banks have ‘assets’ ( loans) of 6x GDP ( or some vast multiple of GDP) AND denominated in Foreign Currency and its citizens have loans in these foreign currencies too.

No comparison guys , I am only amazed it took this long for a run to start on the Iceland Hedge Fund

Brian Clowen & Brian Lendi-Hand what manner of beast do I see before me!

Why aren’t the Irish banks selling off their foreign assets to assist in the bale out at home or do they expect the Irish taxpayer to carry the whole can?

The run started some months ago, but the other Scandinavian central banks stepped in and backstopped them. I wonder how much they lost on that excecise.

It will be interesting to see if Iceland wants to enter a deeper economic pact with the EU after this episode.