Wednesday, October 22, 2008

Has the UK won the Euro trillions lottery whilst I was on holiday last week?

Iceland to receive £3bn loan from UK to pay back Icesave depositors

The Treasury is preparing to lend £3 billion to Iceland so it can pay depositors in the UK hit by the collapse of the country's online bank account, Icesave. Reports indicate that Treasury officials are preparing to head over to Iceland this week to finalise details of the plan, in an effort to alleviate the concerns of UK investors who put their money in the overseas account.

Posted by jack c @ 09:27 AM (1070 views)
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14 thoughts on “Has the UK won the Euro trillions lottery whilst I was on holiday last week?

  • theboltonfury says:

    very funny Jack, now where’s the real article?

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  • sold 2 rent 1 says:

    £3bn – another loan that the UK taxpayer will lose money on.
    This will never be repaid.

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  • Ho hum
    I’ll get my wallet out …..sigh

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  • That blue lagoon looks nice though…. although a bit expensive…. Welcolme back Jack c!

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  • Gordon Brown “Hey! Rocky! Watch me pull a billion out of my pants!”

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  • welcome back jack

    glutten for punishment then?

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  • Once again taxpayers bailing out (at their cost) the foolish and the incompetent.

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  • Thanks for the welcome back guy’s –

    malct – HPC always a good source of up to date info and mixed views, interestingly having just got back from mainland Spain I cant quite work out how Santander appear completely immune to what’s going on in the banking world.

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  • we need a vote of no confidence in this government, why should we lend money to bail out ourselves? with a high risk factor, a bank wouldnt do it..

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  • we need a vote of no confidence in this government, why should we lend money to bail out ourselves? with a high risk factor, a bank wouldnt do it..

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  • Look, banks create money from nothing all the time. That’s what fractional-reserve banking allows them to do. The last ten years – matching this housing bubble – have been based on very relaxed reserve requirements and hiding (through, e.g., CDOs) their actual asset and debt positions, allowing them to effectively operate without reserve limits.

    With people no longer borrowing, and in fact paying down their debts rather than saving, the money supply is shrinking: in those terms, a deflation. The government’s borrowing (of non-existent money) is increasing the money supply to try to stave off this deflation.

    Frankly I’d rather they just printed the money, at least we wouldn’t then owe interest on the (non-existent) money we borrowed.

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  • Iceland Crisis says:

    Iceland is a responsible partner. It has never defaulted on its loans and will honor its legal commitments. Iceland is a modern European economy with strong foundations that will allow it to overcome these economic difficulties.

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  • WTF! I assume you are being sarcastic about bankrupt Iceland being responsible.

    This looks a high risk move and was probably done to indirectly support naive local government investors, I hope the Treasury get decent interest back and got ample security for this e.g. extra fishing rights!

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