[IWE] Entire country of Iceland could go bankrupt
Jay Mehaffey
iwe@warhead.org.uk
Thu, 9 Oct 2008 06:36:39 -0700 (PDT)
--0-1935826246-1223559399=:26286
Content-Type: text/plain; charset=windows-1252
Content-Transfer-Encoding: quoted-printable
http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown=0A>This=
volcanic island near the Arctic Circle is on the brink of=0A>becoming the =
first "national bankruptcy" of the global financial meltdown.=0A=0A>The str=
ategy gave Icelanders one of the world's highest per capita incomes.=0A>But=
now they are=0Awatching helplessly as their economy implodes =97=0A>their =
currency losing=0Aalmost half its value, and their heavily exposed banks=0A=
>collapsing under=0Athe weight of debts incurred by lending in the boom tim=
es.=0A=0AIceland was heavily invested in the banking industry, but doesn't =
have the=0Aability of the larger countries to just push money at the proble=
m. They=0Aare nationalizing banks and the country is negotiating a loan for=
billions=0Afrom Russia to help pay for things.=0A=0AJay=0A=0A=0A
--0-1935826246-1223559399=:26286
Content-Type: text/html; charset=windows-1252
Content-Transfer-Encoding: quoted-printable
<html><head><style type=3D"text/css"><!-- DIV {margin:0px;} --></style></he=
ad><body><div style=3D"font-family:times new roman,new york,times,serif;fon=
t-size:12pt"><div>http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_icelan=
d_meltdown<br>>This volcanic island near the Arctic Circle is on the bri=
nk of<br>>becoming the first "national bankruptcy" of the <span style=3D=
"border-bottom: 1px dashed rgb(0, 102, 204); background: transparent none r=
epeat scroll 0% 0%; cursor: pointer; -moz-background-clip: -moz-initial; -m=
oz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-ini=
tial;" class=3D"yshortcuts" id=3D"lw_1223425248_0">global financial meltdow=
n</span>.<br><br>>The strategy gave <span class=3D"yshortcuts" id=3D"lw_=
1223425248_1">Icelanders</span>=0Aone of the world's highest per capita inc=
omes.<br>>But now they are=0Awatching helplessly as their economy implod=
es =97<br>>their currency losing=0Aalmost half its value, and their heav=
ily exposed banks<br>>collapsing under=0Athe weight of debts incurred by=
lending in the boom times.<br><br>Iceland was heavily invested in the bank=
ing industry, but doesn't have the<br>ability of the larger countries to ju=
st push money at the problem. They<br>are nationalizing banks and the count=
ry is negotiating a loan for billions<br>from Russia to help pay for things=
.<br><br>Jay<br><br></div></div><br>=0A=0A </body></html>
--0-1935826246-1223559399=:26286--