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Iceland teeters on the brink of bankruptcy

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posted on Oct, 8 2008 @ 12:13 AM
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Iceland teeters on the brink of bankruptcy




Everything is closed. We couldn't sell our stock or take money from the bank," said Johann Sigurdsson as he left a branch of Landsbanki in downtown Reykjavik.


Link to the full story.

news.yahoo.com...

This is scary stuff folks. A whole country, albeit a small one going bankrupt. I don't even know what to think about the world we are living in now.




posted on Oct, 8 2008 @ 04:23 AM
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They are going to borrow 4 Billion Euros from Russia. They also got an offer to borrow 500 million Euros from Norway.




Here's about the Russian loan:

RIA Novosti: Russian finance minister welcomes Iceland's loan request



posted on Oct, 8 2008 @ 04:25 AM
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I bet Iceland is regretting getting independence from Denmark now eh!

I wonder how $4bn is enough to stop the bankruptcy of an entire nation?



posted on Oct, 8 2008 @ 05:35 AM
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reply to post by 44soulslayer
 


it has a very small economy, it's GDP is under $20billion so $4billion goes a long way.



posted on Oct, 8 2008 @ 11:41 AM
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Note: It's Euros, not Dollars



posted on Oct, 8 2008 @ 11:47 AM
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It was on the news here (Netherlands) that thousands of dutch people who had a savings account with Landbanski will not be able to take out their money any more. Instaed for refund of their savings they have to go to the Dutch National Bank



posted on Oct, 8 2008 @ 12:17 PM
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If they were in the E.U. the damage would have been much smaller. Now, they are paying a price. I wonder if they vote now, for joinning E.U. i suspect that the vote would have been in favour of the union.



posted on Nov, 1 2008 @ 01:09 AM
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A third of Icelanders are considering leaving Iceland! 50% of those aged 18-24 wants to move. It's a poll, so it can't be trusted 100%, but these are high numbers!



A Third of Icelanders Consider Moving Abroad


31/10/2008


According to the results of a new opinion poll, undertaken by Capacent Gallup, 32.5 percent of participants, ages 18-75, have considered moving away from Iceland because of the current economic crisis.

Around 50 percent of participants aged 18-24 said they were considering relocating to a foreign country. The percentage dropped among higher ages of participants, Morgunbladid reports.

Please visit the link provided for the complete story.




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