Flippin’ hell, the return of the carry trade borrow in CHF or Yen, deposit in ISK. What can go wrong?
The Irish Economy blog has picked up on the IT article:
Here’s a comment I’ve posted - yet to appear, it’s awaiting moderation:
google.com/hostednews/ap/art … bd8cc6260b - Great photos as usual
Can anyone explain to me why exactly a couple of Icelandic politicians a while back (couple of months/year or so) were saying that the only reason they hadn’t try to do something like Ireland is that their problem was simply too large to try it?
I simply cannot understand it.
Ireland’s problems were simply too large as well - Clowen and Comical Leni just pretended not to know.
I understand that - it just seemed to me as if the politician was saying:
“If we had the opportunity to f**k the taxpayer and save some random bondholders and political insiders - to the long term detriment of the country, we’d have done that too. Unfortunately we didn’t get that opportunity - unlike Ireland”.
It just seemed bizarre to me…
EDIT: it wasn’t a politician, it was Sigrun Davidsdottir
In that post though she’s not saying that Iceland didn’t get the opportunity to bail out the bondholders.
She saying people completely misunderstand (or choose to) what the Icelandic government did:
She’s saying that Icelandic politician have promised top pay the debt of the bankers:
and to claim that the “Iceland Way” was to refuse to pay your debts misses the point completely:
She also says that getting public taxpayers to honour private debts is nutty:
No - but in any case, I’d be surprised if there is a conviction in the Iceland case.