Wednesday February 15, 2012

JAPAN NEWS AND DISCUSSION

Iceland teeters on the brink of bankruptcy

World Oct. 08, 2008 - 05:02AM JST ( 14 )

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

Order by Time Order by Popularity

14 Comments

0

adaydreamOct. 08, 2008 - 07:24AM JST

This is one hell of a finacial situation world wide. < :-)
0

SuperLibOct. 08, 2008 - 08:24AM JST

Great, now we're going to have endless posts from people condemning the Europeans for their shaky economic model built on greed and screwing the poor.
0

ScroteOct. 08, 2008 - 09:10AM JST

I was tempted by the savings rates on offer from those Icelandic banks, more than 7% p.a. on sterling deposits in some cases. I'm lucky that in my case nagging doubts about Icelandic banks outweighed greed, and I invested elsewhere.
0

smithinjapanOct. 08, 2008 - 09:10AM JST

Maybe China can still afford to buy it.
0

Helter_SkelterOct. 08, 2008 - 09:43AM JST

The country’s top four banks now hold foreign liabilities in excess of $100 billion, debts that dwarf Iceland’s gross domestic product of $14 billion.

That doesn't sound good. I don't even think Bjork can get them out of this.
0

neverknow2Oct. 08, 2008 - 10:08AM JST

Its America's fault. Their greed caused the problem. Now so many people are suffering. No onder the wrold hates them.
0

smithinjapanOct. 08, 2008 - 10:59AM JST

Helter: "I don't even think Bjork can get them out of this."

Good one! haha. Maybe if she rejoined with what's-his-name and started up a Sugar Cubes tour (was that their name?).
0

WilliBOct. 08, 2008 - 11:29AM JST

neverknow:

" Its America's fault. Their greed caused the problem. Now so many people are suffering. No onder the wrold hates them. "

LOL! Yes, that is the typical leftist reaction to anything. The Icelandic banking bubble pops, and somehow GWB must be to blame.
0

smithinjapanOct. 08, 2008 - 11:59AM JST

WilliB: "LOL! Yes, that is the typical leftist reaction to anything. The Icelandic banking bubble pops, and somehow GWB must be to blame."

Funny, I haven't seen a person on here blaming the US for this, except sarcastic remarks from some very defensive posters. Subconscious guilt, perhaps?
0

CavemanLawyerOct. 08, 2008 - 12:10PM JST

They should start selling pieces of Bobby Fischer, like people did the saints of old. That should replenish the coffers! --Cirroc
0

coulrophobicOct. 08, 2008 - 12:56PM JST

What did people really expect:

Back home, the average family’s wealth soared 45% in half a decade and gross domestic product rose at around 5% a year.

But the whole system was built on a shaky foundation of foreign debt.

The country’s top four banks now hold foreign liabilities in excess of $100 billion, debts that dwarf Iceland’s gross domestic product of $14 billion.
0

XennonOct. 08, 2008 - 01:24PM JST

smithinjapan,

neverknow2 said "Its America's fault" at 10:08.

At any rate this really is scary news.

“canary in the coal mine” of the global credit squeeze.

Eek!
0

WilliBOct. 08, 2008 - 05:58PM JST

smithinjapan:

" Funny, I haven't seen a person on here blaming the US for this, "

If you had bothered to look one single line above, you would have seen the quote. Sheesh.
0

sdmsecOct. 09, 2008 - 06:53AM JST

Its America's fault. Their greed caused the problem. Now so many people are suffering. No onder the wrold hates them.

I just love it when someone claims that one side of a business transaction, freely entered into, is "greedy". Don't both borrowers and lenders hope to gain something through their transaction? Aren't both equally greedy?