Friday, Apr 24, 2009
Iceland's lessons in bankruptcy for Britain
MoneyWeek: Iceland's lessons in bankruptcy for Britain
The shocking state of Britain's finances means an IMF bailout is still a distinct possibility. So what can we learn from Iceland, a country now living under an IMF recovery plan?
Posted by damien @ 03:24 PM (816 views) Add Comment
3 Comments
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1. paul said...
And for the best indication of how Britain can be expected to be treated by the IMF according to a chief economist at the IMF, read this:
The Quiet Coup.
In short, the government will be given short orders to break its cosy ties with the banks and drop policy measures that protect their self interests at everyone elses expense.
2. Peterhun said...
A couple of glaring faults in that article. First, some guy reckons the exchange rate has stabilised. Well, not surprising as the only source of Euro to ISK conversion is the Icelandic Government. Nobody will buy ISK anywhere in the world because its worthless.
Second he says Iceland can just go back to Fish and Tourism, something the UK can't do because its so much of the UK economy. Iceland's GDP is 30% and 70% financial, they are seriously screwed with the banks..
More life in Iceland here -
http://newsfrettir.com/alive/
Its not a cakewalk. Its bad.
3. John_coller said...
I don't think we need lessons in bankruptcy from Iceland.
Gordon Brown has a bit of natural talent in that area!