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T-i-m-b-e-rrrrrr!

Oct. 8 (Bloomberg) -- Iceland's krona was priced at almost 50 percent below the peg against the euro set by the central bank yesterday to stabilize the currency as regulators said they took control of Glitnir Bank hf, the country's No. 3 lender.

Nordea Bank AB, the biggest Scandinavian lender, said the price suggested by bid/ask spreads in pre-market trading was 255 per euro, compared with the 131 per euro level established by the central bank yesterday. There had been no buying of the krona to support the peg by the central bank, Nordea said.

``It's looking very gloomy for Iceland at the moment,'' said Bjarke Roed-Frederiksen, an economist in Copenhagen at Nordea. ``The currency isn't trading at the price the central bank has set and we're already seeing signs that people don't want to accept krona in transactions on Iceland.''

Sweden's central bank said it will loan as much as 5 billion kronor ($700 million) to the Swedish unit of Iceland's Kaupthing Bank hf after it was unable to meet payment obligations and was put up for sale.

Edited by Gel
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Guest mattsta1964
T-i-m-b-e-rrrrrr!

Oct. 8 (Bloomberg) -- Iceland's krona was priced at almost 50 percent below the peg against the euro set by the central bank yesterday to stabilize the currency as regulators said they took control of Glitnir Bank hf, the country's No. 3 lender.

Nordea Bank AB, the biggest Scandinavian lender, said the price suggested by bid/ask spreads in pre-market trading was 255 per euro, compared with the 131 per euro level established by the central bank yesterday. There had been no buying of the krona to support the peg by the central bank, Nordea said.

``It's looking very gloomy for Iceland at the moment,'' said Bjarke Roed-Frederiksen, an economist in Copenhagen at Nordea. ``The currency isn't trading at the price the central bank has set and we're already seeing signs that people don't want to accept krona in transactions on Iceland.''

Sweden's central bank said it will loan as much as 5 billion kronor ($700 million) to the Swedish unit of Iceland's Kaupthing Bank hf after it was unable to meet payment obligations and was put up for sale.

Terrible for the people.

When are they going to revolt? I wish they would. It might remind our politicians and bankers here that their arrogance wont save them once the people find out what they have done.

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That's it. I'm off to Iceland for a cheap boozing trip thanks to the favourable exchange rate. :unsure::lol:

Good idea, great place for a weekend [through previously v. expensive]

IM'd a friend in Reykyavik yesterday about all the goings on - they're v worried - especially about Russia muscling in - but the Icelandic party spirit isnt dead yet

He said these times call for "Drinking & Fu*king"

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That's it. I'm off to Iceland for a cheap boozing trip thanks to the favourable exchange rate. :unsure::lol:

I know a couple of people who went to Iceland for a holiday - they said it was awesome.

The top tips were that Reykjavik is a hell-hole, but you should rent a 4x4 and head out into the wilds. The scenery (judging from photos) was spectacular - and the culture is worthy of consideration too... Iceland, allegedly, has the highest literacy rate in the world... Pity about their numeracy.

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What are the women like?

Cousins.

It's a truly beautiful place.

I even liked Reykjavik (I've never tasted such great food; this may be because it was November outside) - Keflavik was a little industrial.

Do sample the Schnapps (Brennevin). It's quite an experience.

Edited by ParticleMan
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I had a 2-day stopover in Iceland en route to New York in 2000. Sunny weather (got lucky there, I think), beautiful place, light all night, and the nightlife only got going about midnight. The streets were very quiet between 5pm and midnight, and then suddenly it was busy.

The women were awesomely beautiful, though a little cool. (Seems appropriate)

It was expensive, but that shouldn't be a problem now- at least if you want to buy some fish or mutton. Imported stuff (almost everything else) might be a problem- affordable for tourists only, like the olde Soviet Union!

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Guest sillybear2

Good, serves them right, their PM is a spiv, they thought they could just steal and break promises and now they will pay the price and face the consequences. Nobody will ever invest a penny or lend money to their shitty little rock again.

They're really in hot water now!

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Guest sillybear2
Good idea, great place for a weekend [through previously v. expensive]

IM'd a friend in Reykyavik yesterday about all the goings on - they're v worried - especially about Russia muscling in - but the Icelandic party spirit isnt dead yet

He said these times call for "Drinking & Fu*king"

That's basically what they've done to British savers.

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this could never happen to the UK as we have a sound economy that is not based on (collapsing) asset bubbles fueled by greedy bankers like icelands was.......opps

Note the speed at which it happened - no time to get out of Kroner for the average Icelander.

Thinking ahead........

How are CHF holding up?

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Note the speed at which it happened - no time to get out of Kroner for the average Icelander.

Thinking ahead........

How are CHF holding up?

Iceland has become a third world country overnight.

Hang onto your hats guys!

The US thinks todays events are gold bullish.

I rather like the idea of owning something which is unlikely to lose 94% of its value in 24 hours.

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Guest sillybear2
Iceland has become a third world country overnight.

It always was a third world country with an airstrip, they just pretended otherwise. They have fish and hot water, so at least they won't starve, aside from that I couldn't give two hoots about them. Their PM cried like a small child that nobody cared about them, whilst simultaneously stealing money from their foreign creditors. And he cannot work out why nobody cares?

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