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Old 10-06-2008, 11:10 AM   #1
Steve_G
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Exclamation Iceland Economic Collapse

Just been speaking to a friend of mine who told me Iceland's formerly strong economy has collapsed. There has been panic buying of goods and all sorts- this HAS NOT made the TV news but he's heard it on the radio.

Anyone else heard anything?
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Old 10-06-2008, 11:16 AM   #2
Avid
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Default Re: Iceland Economic Collapse

Not collapsed - ceased trading whilst they sort themselves out. They can hardly tax their 350,000 population billions can they!!!
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Old 10-06-2008, 11:55 AM   #3
pineal-pilot-in merkabah
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Default Re: Iceland Economic Collapse

i thought they would collapse pound and dollar then uk moves to euro.. looks like they are just gonna let it all go at once..
problem reaction solution.. after enough riots food shortages and chaos.. the godly bankers will come forth with MONSANTO gm foods, a one world bank they controll so that no one will ever be silly enough to over boroow money again and get us in this mess.(remember its our fault they lent it to us). voila a card is issued for transactions, no more cash.. a period of what seems like calm then we get terror, war, and bird flu.. ANY TAKERS?? NO THANKS IM OFF

http://www.telegraph.co.uk/finance/c...the-abyss.html
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Old 10-06-2008, 02:39 PM   #4
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Default Re: Iceland Economic Collapse

Found this on Bloomberg.com news:

http://www.bloomberg.com/apps/news?p...d=aEb_jUV5LjZY


"Icelandic Banks to Sell Foreign Assets, Premier Says (Update3)

By Helga Kristin Einarsdottir and Tasneem Brogger

Oct. 6 (Bloomberg) -- Kaupthing Bank hf and Landsbanki hf, Iceland's biggest banks, may sell overseas assets and repatriate the proceeds in a bid to bolster the krona and alleviate the impact of the credit crunch, Prime Minister Geir Haarde said.

``The banks are willing to downsize abroad,'' Haarde told journalists in Reykjavik late yesterday. They ``are very positive about selling foreign assets and I think that is necessary and the right time for them to shrink their balance sheets.''

The krona has plunged 41 percent against the euro this year on concern the government may have to bail out its biggest banks, which rapidly expanded abroad in recent years and had assets worth 14.4 trillion kronur ($126 billion) at the end of June, more than nine times the size of the economy. The government last week took a 75 percent stake in the third-biggest lender, Glitnir Bank hf, which couldn't secure short-term funding.

The island's gross external debt soared to 9.55 trillion kronur in the second quarter, more than seven times the size of gross domestic product. Downgrades of Iceland's ratings by major credit agencies have exacerbated the slump in the currency.

Kaupthing's foreign assets make up about 90 percent of its holdings, while the central bank's foreign reserves were 308 billion kronur in August, making any bailout hard to finance. The bank owns financial services company FIH Erhvervsbank A/S in Denmark and Singer & Friedlander Group in the U.K.

Options Available

``Regarding the asset sale, nothing has been decided yet,'' said Jonas Sigurgeirsson, a spokesman at Kaupthing. ``There are a number of options we can use. We have loan portfolios and various things that we can use before we start selling assets.''

One of the main objectives of the agreement was to reduce the debt reliance of the banks, he said.

A rescue package may also involve a repatriation of foreign assets by Iceland's pension funds, Haarde said.

``The pension funds have been positive towards our request,'' Haarde said. ``Certain important details and technical aspects have to be negotiated and agreed on.''

The krona was down 1.5 percent against the dollar today, trading at 114.36 as of 11:00 .m. in Reykjavik.

The liquidity crisis has sent the currency into a tailspin as a shortage of credit batters economies reliant on debt. Iceland had a current account deficit equal to 34 percent of gross domestic product in the second quarter, with most of the shortfall coming from the cost of sustaining foreign debt payments.

Credit Line

Haarde's comments suggest a rescue package won't involve the use of a liquidity line extended by Nordic central banks. Iceland's central bank in May entered a swap facility with counterparts in Denmark, Norway and Sweden worth 1.5 billion euros ($2.04 billion). Iceland has yet to draw on that agreement.

Sweden's Riksbank has received no approaches from Iceland for additional liquidity lines, spokeswoman Britta von Schoultz said in a phone interview today. The central banks of Norway and Denmark declined to comment.

The ``currency has collapsed,'' Beat Siegenthaler, a senior strategist at TD Securities, said in a phone interview before the announcement. ``Many of our traders are saying they've never seen a currency lose as much in such a short time.''

The slump in the currency threatens to send the inflation rate as high as 20 percent, according to Siegenthaler. Consumer- price growth was 14 percent last month, the statistics office said on Sept. 24.

To contact the reporters on this story: Tasneem Brogger in Copenhagen at tbrogger@bloomberg.net;
Last Updated: October 6, 2008 09:02 EDT"
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Old 10-07-2008, 12:49 AM   #5
meneliel
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Default Re: Iceland Economic Collapse

Hi guys!
I leave in Iceland and everything is a mess here
Many people loosing their jobs, many are afraid of losing their money so there have been lot of people panicking and getting all their money out of the banks.
Many afraid to lose their homes.
Lot of people despaired because their mortgages are based on foreign currency (i.e. euros).
Let´s see what happens this week, as things have been getting from bad to worse...

More info in this link:
http://www.telegraph.co.uk/finance/f...-in-smoke.html
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Old 10-07-2008, 01:13 AM   #6
Reveling John
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Question European Economic Collapse

I have been waiting for days for American news to start talking about this. Even Democracy Now didn't say a pepe about Europe's financial crisis in today's broadcast.

Well, at we can count on the good ol' BBC:
http://news.bbc.co.uk/2/hi/business/7654647.stm
http://news.bbc.co.uk/2/hi/business/7655086.stm
http://news.bbc.co.uk/2/hi/business/7655227.stm

I'm rather wary of most conspiracy theories (relatively ), but there is clearly a news blockade going on in America. You cannot find one iota of news about the European bank crisis on cable tv, even bloomberg for goddess sake! What is going on?!

I didn't even find out till last week that the same mortgage scandals that have rocked the American economy, have been happening for just as long in Europe. So it's not the US dragging the EU down, but rather a multiplicative reaction, each economy dragging the other down.

Where the news?

Anyhoot, Be Calm and Be Love.
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Old 10-07-2008, 01:25 AM   #7
Kahunamahalo
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Default Re: Iceland Economic Collapse

Quote:
Originally Posted by meneliel View Post
Hi guys!
I leave in Iceland and everything is a mess here
Many people loosing their jobs, many are afraid of losing their money so there have been lot of people panicking and getting all their money out of the banks.
Many afraid to lose their homes.
Lot of people despaired because their mortgages are based on foreign currency (i.e. euros).
Let´s see what happens this week, as things have been getting from bad to worse...

More info in this link:
http://www.telegraph.co.uk/finance/f...-in-smoke.html
Thank you for the update.
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Old 10-07-2008, 01:55 AM   #8
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Default Re: Iceland Economic Collapse

th ething is i heard that iceland only has a population of 300,000 which is a small town .. it apparently has heavily invetsed in banking .. hence why the economy is collapsing .. unfortnately .. it is not like the 300 million in the US ..so it is not surprising that they cannot cope with the credit problems
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Old 10-07-2008, 10:55 AM   #9
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Default Re: Iceland Economic Collapse

One of the banks has just gone into recievership- Landisbanki. Icesave has put a block on UK customers making deposits or withdrawals.

I think this is just the start guys. Meneliel, thanks for the news and good luck.
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Old 10-07-2008, 10:58 AM   #10
mikey
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Default Re: Iceland Economic Collapse

Quote:
Originally Posted by meneliel View Post
Hi guys!
I leave in Iceland and everything is a mess here
Many people loosing their jobs, many are afraid of losing their money so there have been lot of people panicking and getting all their money out of the banks.
Many afraid to lose their homes.
Lot of people despaired because their mortgages are based on foreign currency (i.e. euros).
Let´s see what happens this week, as things have been getting from bad to worse...

More info in this link:
http://www.telegraph.co.uk/finance/f...-in-smoke.html
Good luck and blessings to you

We're not far behind!

peace
mikey
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Old 10-07-2008, 10:59 AM   #11
pineal-pilot-in merkabah
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Default Re: Iceland Economic Collapse

redsheild is vaccuming it up fast now.. the scrifice is in full swing!!!
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Old 10-07-2008, 11:06 AM   #12
SpaceMonkey
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Default Re: Iceland Economic Collapse

russia has just lent them 4 billion euros. But icesave which is an iceland bank is refusing withdrawals or deposits from customers.
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Old 10-07-2008, 11:23 AM   #13
tandiwe
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Default Re: Iceland Economic Collapse

I just heard that on the news, refusing to allow people to withdraw or deposit cash !!!!

The guy on the news is saying Dont Panic, there is nothing you can od about it!!!!!!

Maybe thats what the webbot picked up.
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Old 10-07-2008, 12:58 PM   #14
Snooks
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Default Re: Iceland Economic Collapse

Iceland Review


October 07 | Emergency Law Takes Effect in Iceland
Iceland’s Althingi parliament accepted a bill last night on an emergency law enabling the government to stage an extensive intervention in Iceland’s financial system—The most radical economic measures that have ever been taken in the country’s history. more
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Old 10-07-2008, 03:14 PM   #15
Sol Invictus
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Default Re: Iceland Economic Collapse

Been a brutal day in Iceland

Its like Argentinia all over again - i just pray that every one remains calm and it all gets sorted out - Nice of the Russians to loan then 4.8 billion £ sterling though - nice touch.
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Old 10-07-2008, 04:59 PM   #16
Antaletriangle
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Default Re: Iceland Economic Collapse

Yeah this is a massive sacrifice underway as bill deagle mentioned-the mopping up factors appear to be the acceptance;for a curiosity where does the pope and his complete utterances of the Bible connect to this-is it like the priest making the invocation whilst the sacrifices are exercised/exorcised?
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Old 10-07-2008, 05:04 PM   #17
kopenhagen
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Default Re: Iceland Economic Collapse

Quote:
Originally Posted by meneliel View Post
Hi guys!
I leave in Iceland and everything is a mess here
Many people loosing their jobs, many are afraid of losing their money so there have been lot of people panicking and getting all their money out of the banks.
Many afraid to lose their homes.
Lot of people despaired because their mortgages are based on foreign currency (i.e. euros).
Let´s see what happens this week, as things have been getting from bad to worse...

More info in this link:
http://www.telegraph.co.uk/finance/f...-in-smoke.html
well, if your country joined E.U earlier, we would have come and rescue you ,too bad
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Old 10-08-2008, 05:18 PM   #18
meneliel
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Default Re: Iceland Economic Collapse

Britain threatens to sue Iceland to protect savers...

http://ap.google.com/article/ALeqM5h...E9vKwD93MAN000
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Old 10-10-2008, 02:15 AM   #19
GOTZEUS
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Old 10-10-2008, 03:01 AM   #20
Soul Sequence
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Default Re: Iceland Economic Collapse

As Iceland refuses to honour the British billions in its failed banks, Brown freezes THEIR assets

Gordon Brown declared diplomatic war on Iceland last night.

He launched a furious attack on the 'illegal' refusal to pay back billions owed to British investors in the country's failed banks.

The Prime Minister invoked rarely-used anti-terrorism powers to freeze Icelandic assets here as fears grew that vast sums of British cash could be lost.

http://www.dailymail.co.uk/news/arti...IR-assets.html
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Old 10-10-2008, 03:12 AM   #21
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Default Re: Iceland Economic Collapse

Quote:
Originally Posted by Soul Sequence View Post
As Iceland refuses to honour the British billions in its failed banks, Brown freezes THEIR assets

Gordon Brown declared diplomatic war on Iceland last night.

He launched a furious attack on the 'illegal' refusal to pay back billions owed to British investors in the country's failed banks.

The Prime Minister invoked rarely-used anti-terrorism powers to freeze Icelandic assets here as fears grew that vast sums of British cash could be lost.

http://www.dailymail.co.uk/news/arti...IR-assets.html
I just saw that about the anti terrorism laws being used to freeze their assets. I'll be onto my MP first thing today, for what good it'll do :S
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Old 10-10-2008, 05:47 AM   #22
Lance
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Default Re: Iceland Economic Collapse

Iceland (1), Hungary (1), tomorrow (2) 1,1,2,3,5,8,13,21 etc...the walls come tumbling down. Think good thoughts and wish it away I suppose. The jig is up and the game is over and we've been screwed by the bankster-gangsters.
Welcome to Next! Now stop typing about it and learn something functional before you quickly become a useless eater in your community.


If you've entered the game at a later point in time, so be it, step out and walk away. Find some meaning, weather the storm and wait for your telepathic call by those in radiant zones. If you hear a funny voice in your head, and you are not on SSRI's, listen to it. Big, Big change has recently taken place and because you were not taught the art of simply paying attention it is not your fault if you don't recognize it yet. Don't worry, you will. Everyone will.

Now comes the sketchy part where we all get to shine or evaporate.
Now we separate those whom know and those who believe. Am I using whom and who right? Ah shucks, seems grammar goes by the radar in times such as these. We'all'be'aspeakn'pigeon soon enough anyways mate.
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Old 10-10-2008, 07:26 AM   #23
alice goes nuts....
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Default Re: Iceland Economic Collapse

you know that iceland sold their dna for pharamasutical comany???? i dont know how much they got, but it is ironic that some of their economy was based on this!!!!

and in norway, a lot of gullible perents have given away their childrens dna for gouverment recharch......diabetes 1,( mainly caused by waccination )was their reason for this, i wonder who are owning their childrens dna now....
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