Monday, March 10, 2008
Dorothy, Iceland, Bye Bye
Moody’s poised to downgrade Iceland
Muhuhuhahahahaha
A full downgrade to Iceland’s sovereign rating moved a step closer on Wednesday after Moody’s Investors Service cut its outlook for the country’s triple-A rating to negative. The downgrade is the latest in a series of moves by Moody’s that indicate it is gradually losing confidence in the ability of the nation to avoid a banking crisis.Posted by lvmreader @ 12:16 PM (1077 views)
12 thoughts on “Dorothy, Iceland, Bye Bye”
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Hyrax says:
If this is so.
Where was the FSA and their regulatory responsibility when several billion in UK savers money
has gone to Iceland through Icesaves recent high profile UK operation?
Are those savers really protected? Or will they twist in the wind if things do go belly up?
Ejc says:
so what does this mean to savers in Icelandic banks ?
paul says:
Who is watching Moody’s credibility?
We know that the credit rating agencies have come under fire for simple being paid-for political happy to mark up anything that is from the US. After all aren’t they the very folks who marked these structured investment vehicles with triple-A ratings? Sounds as if we should be watching Moodys more than the Icelandic banks which incidentally have vast sums of UK cash sloshing about which others in the UK and US would prefer to have a slice of.
Makes you think …
tyrellcorporation says:
As a city bod said to me about 6 months ago, Icelandic banking is one giant hedge fund. I cleared my money out of Icesave a few weeks back as no matter what guarantees the FSA/Government come up with you can bet your bottom dollar that trying to get your cash back in the event of a meltdown would be a nightmare.
whiteknight says:
very perceptive comment paul: “Who is watching Moody’s credibility?”
Can’t think where a mechanism like this already exists ……. can you?
paul says:
I personally believe this is little more than a scare story to get UK savers’ money back into the UK.
James says:
AAA neg? It’s hardly the sky falling in is it, gents? Tell you what, any of you with Icesaves you’re worried about, I’ll give you 95 pence in the pound for ’em, right now. You won’t have to worry about any of the trying to get your cash out worries.
Any takers?
maddison says:
If the banking system went bust in Iceland there could be a task force to the north atlantic like the one that went to the south atlantic 25 years ago!
Pjd123 says:
i don’t understand why the collapse of a bank, with peoples savings being at risk is ironic or even remotely funny?
sold 2 rent 1 says:
Paul,
This could be a ploy to get GBPs back into the UK traditional banks.
GBP is high and will tumble again soon
The next week or so looks like an excellent time to get out of GBP and into silver/gold/gold stocks.
Gold/silver should finish their Elliott wave 4 correction within 2 weeks.
This may even coincide within a final bottom (potential crash) in general stocks, before US IR cuts induce another bull run.
As my monthly newsletter from zealllc.com says
“A variety of factors are converging to create an explosively bullish environment for the PM stocks. It is really an exciting time!”
For those of you that haven’t bought gold/silver (physical or stocks) then now is the time to do so.
These mega surges only happen every 2 years.
Junior gold stocks are the most undervalued since the bull started in 2001
tyrellcorporation says:
James…Um, nah I’ll get an e-bond at 6.25% at Nationwide thanks all the same.
James says:
Didn’t think so. Non-story. Move on, please.