Seriously, though, the entire country of Iceland is on the verge of bankruptcy. Things are looking dreadful:
REYKJAVIK: People go bankrupt all the time. Companies do, too. But countries?
Iceland was on the verge of doing exactly that on Thursday as the government shut down the stock market and seized control of its last major independent bank. That brought trading in the country's currency to a halt, with foreign banks no longer willing to take Icelandic krona, even at fire-sale rates.
As the meltdown in the Icelandic financial system quickened, with the government seemingly powerless to do anything about it, analysts said there was probably only one realistic option left: for Iceland to be bailed out by the International Monetary Fund.
"Iceland is bankrupt," said Arsaell Valfells, a professor at the University of Iceland. "The Icelandic krona is history. The IMF has to come and rescue us."
Oh, dear. Boom, bust, and now bailing out an entire country?
3 comments:
Will this little setback put a pinprick into the smugness that is Bjork?
The only time I've sen Icelanders was a performance of "Romeo and Juliet" performed mostly on ropes and pulleys; Kind of a mutant offspring of William Shakespeare and the arial act at the circus.
I often wondered what happened to those young Icelandic gymnasts, but now I guess I know. They must have gone into invstment banking and redesigned the Icelandic banking system.
Someone put up Iceland for auction on eBay and the bids got as high as $10 billion, without Bjork, before the site was taken down. Maybe they will ask for the 2nd Division of the USMC to come back and this time not ask that all minorities be left back in the USA.
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