Wednesday, 8 October 2008

Icesave and Iceland update

What a mess......

Iceland Drops Krona Defense; Abandons Bank Purchase

The shortest ever exchange rate peg. They fixed it yesterday and abandoned it today.

Britain threatens to sue Iceland to protect savers

Seems fair enough to me. But will there be anything left by the time we get our day in court?

Meltdown in Iceland hits High Street in Britain

Melt...ice.... very funny....

ING acquires Icelandic bank savings

Tiny Iceland's huge banking debt led to downfall

6 comments:

mike said...

I wonder why the UK government did not foresee this crisis. Surely the leverage ratio and level of compensation scheme contributions in Iceland must have raised some eyebrows...

Call me sinister but our political enemies Russia now bail out Iceland with a huge loan. I wonder if Russia somehow played a part in the crisis in the first place (e.g via currency exchanges, etc).

I dislike the fact that people in Iceland can still go to their ATM and withdraw money from a supposedly insolvent company yet people outside cannot.

Seema said...

Iceland today, Britain tomorrow.

Jeff said...

We need a iceland blog... any good links anyone?

Issy said...

councils "invest" in Iceland

http://news.bbc.co.uk/1/hi/uk_politics/7659783.stm

Mark Wadsworth said...

Re the Iceland meltdown, this won't sound so funny when the EU inspired power cuts finally kick in, and millions of pounds worth of frozen food get sacrificed on the Altar Of Climate Change.

Nick von Mises said...

I was just thinking the same thing. I also figure Kerry Katona will no longer be doing adverts for their ice pops and frozen pizzas.