Iceland

[JonnyHungwell]

Turned themselves into one gigantic hedge fund - now it's gone sour the country is on the verge of bankruptcy. Looks like they could end up back where they started, as fishermen - and the young can desert the rock for Denmark. The currency is worth half the value it was a year ago.

"For years, Iceland has been respected for its unmatchable standards of living. But recent global economic turmoil has thrown the island nation's currency off the cliff. The hedge funds are closing in and the government is looking for ways to fight off the predators.

Iceland, island of extremes. In no other place on Earth do people live longer. No other country has a higher literacy rate. And no place utilizes geothermal power as much to heat houses and even sidewalks.

But Icelanders would be more than happy to relinquish the latest superlative they've attained: No other country in the world has been as negatively affected by the current financial crisis as Iceland, and this has resulted in an unprecedented fall in the value of the Icelandic krona."

[JonnyHungwell]

Good time for a holiday maybe, but you have to feel for the people of Iceland and notch up the hatred of the USA for inflicting this on the world.

[johnsix]

They are a hardy folk and are better placed than most to weather the storm.
Abundant fishing grounds, Abundant geothermal energy.
It might well be the best place to holiday, And no Peter Mandelson either.

[mrmcfister]

Not a single tree grows there.Beer is horrendously expensive..but the women ....almost all amazingly pretty!!

[JonnyHungwell]

The beer will be a bit cheaper for foreigners these days. Never been to Rekjavic, but it's somewhere I'd really like to visit.

I once flew over Greenland on a really bright sunny day with virtually no clouds (on a flight to the US) - it was a pretty amazing sight, seeing all the icebergs. All the times since I've never had a flight that went the same route or had such good weather for viewing.

[Roger Fukwit]

I've never been to Iceland & never want to go there whilst Kerry fucking Katona shops there. !puke!

[randyandy]

and this is Brown's fault because............. !laugh!

[JonnyHungwell]

It may not be his fault in the first instance, but if he lets UK savers lose any money because Iceland needs to pay the first ?16,000 of any claim in ICEsave - a claim they may renege on, he's guilty for allowing a bank to operate in the UK that isn't 100% guaranteed in the UK, up to the UK limit.

[JonnyHungwell]

A few days ago I felt sorry for Iceland and its population - but the way it's moved to try and dodge payments to UK depositors, whilst at the same time protecting domestic deposits, I've changed my mind. Now I can only wish bad things on them, their economy and the existence of their miserable country, which must be in some doubt. A country of 300,000 people just doesn't deserve to exist in today's world - never mind being allowed to suck in money and live way beyond their means, knowing full well they would have no way of repaying it when the bubble burst.

[JonnyHungwell]

A great quote from LibDem Treasury spokesman Lord Oakeshott (never heard of him before):

'Iceland is a financial banana republic - perhaps we should call it a fishing republic. If its prime minister wore dark glasses and spoke Spanish, they never would have been able to run up these vast debts.'