[NEWS] The Japs own Iceland (the country!)

[rynnor]

BBC NEWS | The Reporters | Robert Peston

Scary - Iceland makes the british economy look rock solid - they must have been crazy - I always wondered how they seemed to punch above their weight - turns out it was an un-sustainable credit bubble!

[taB]

S'ok, they can pay it back in isk.

Well, that or whales.

[pez]

Serious de ja vu, I swear this happens with Iceland a couple of years ago.

Is Iceland facing a meltdown? - MoneyWeek

[mank!]

tl;dr

[xane]

The financial ratings institutes downgraded Iceland's banks some time back, I can't work it out though as Kaupthing Bank, Iceland's #1, still continues to have the best rates for savings and bonds. I don't fancy queuing up Northern Rock style in Reykjavik when the place bails out.

[pcg79]

Originally Posted by xane

The financial ratings institutes downgraded Iceland's banks some time back, I can't work it out though as Kaupthing Bank, Iceland's #1, still continues to have the best rates for savings and bonds. I don't fancy queuing up Northern Rock style in Reykjavik when the place bails out.

good rates dont mean a thing (incidentally people were apparently queuing up to deposit into the rock because its safe..). CDS spreads for kaupthing blew up on friday - the market doesnt think much of their creditworthiness.

[rynnor]

Looks like Iceland arent going to honour their own guarantee scheme after nationalising a lot of other peoples money - I say we take a chunk of their fishing grounds as compensation!

[Furr]

We've already used terror laws to seize all the UK assets of the Bank that failed so far.

FT.com / World - Terror law used for Iceland deposits

Iceland is in a big hole full of shit at the moment and is pissing off its neighbours no end.

[Scouse]

Originally Posted by Furr

We've already used terror laws to seize all the UK assets of the Bank that failed so far.

FT.com / World - Terror law used for Iceland deposits

Yep. Terror laws. Used against bankers and banks. Hmmmm.

Do ya think they could *possibly* be used against, say, law-abiding Brits?


Can we have a Facist smiley?

[Damini]

Originally Posted by Scouse

Can we have a Facist smiley?

Sure!

[Raven]

hmm, looks like a c**t smiley to me

[lecter]

Even if iceland did have a full financial meltdown. They have basically free energy, electricity and heating, thanks to geothermal power.

[xane]

Originally Posted by Scouse

Yep. Terror laws. Used against bankers and banks. Hmmmm.

Do ya think they could *possibly* be used against, say, law-abiding Brits?

I might be missing your point here, but a law that could prevent a foreign government from illegally stealing £1 billion from UK savers, councils and charities is somehow ... bad ??? And this relates to the UK law-abiding citizen ... how ???

Better check behind your curtain, there could be fascist hiding there!

[rynnor]

Originally Posted by Scouse

Yep. Terror laws. Used against bankers and banks. Hmmmm.

Do ya think they could *possibly* be used against, say, law-abiding Brits?


Can we have a Facist smiley?

To be honest its the one intelligent move I have seen in this whole mess - why should we put up with a nation that looks set not to honour its international commitments?

No one forced all this credit on Iceland and they must have been insane to get to a debt 6x their GDP.

Yes they do have free power/heat but how will they buy replacement parts for their infrastructure and what about food - aside from fish its nearly all imported - they will have to go begging to the IMF for they are royally f00ked!

[Embattle]

Something from this:

The Icelanders are hurt that the British government acted under the Anti-terrorism, Crime and Security Act 2001, specifically Part 2, Article 4.

The Act is in fact very broadly based and says that assets can be frozen in the UK if the Treasury "reasonably believe" that "action to the detriment of the United Kingdom's economy (or part of it) has been or is likely to be taken by a person or persons, or action constituting a threat to the life or property of one or more nationals of the United Kingdom..."