Tuesday, October 7, 2008

A more measured article on the subject

Iceland government seizes control of Landsbanki

"Richard Portes, an expert on Iceland at the London Business School, said the government had made a mistake by nationalising Glitnir, creating fear in the markets instead of just providing it with liquidity. "You have the same law of unintended consequences that you had in the case of Lehman Brothers," he said. "The Iceland problem was immediately vastly exaggerated."

Posted by letthemfall @ 11:26 AM (385 views)
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One thought on “A more measured article on the subject

  • The rumour was, only domestic savers will get compensation from Iceland, leaving the UK savers to pursue funds from the UK FSA.

    If this is so, does this mean the FSA will have to compensate with UK tax payers money, as Iceland is, allededly, pretty much broke (Icelandics
    are stock piling food ec) ?

    If turns out to be the case, shouldn’t the UK freeze all “assets” in these shores that Icelandic banks had invested in, with immediate effect, to compensate
    UK savers ? Seems like a good idea, apart from all the UK retailers are becoming worthless.

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