That's kind of scary. I saw an interview with some Icelandic finance guy who said "Basically, we have been having a really good time, and now we are hungover, and it is bad"
Awesome. Except for the whole serious financial issue bit.
Hiya! looks like not only are the Russians coming, but they are going to peg the krona .... desperate times! And Landsbanki has been put into receivership -with the directors dismissed and replaced by people from the IFSA - lets hope they have a better understanding of how to run things than your central bank!!!
Massive rate cut by the RBA here today ... 100 basis points ....unheard of since the recession of the early 90s....
I am afraid that I have very little trust in the IFSA, they were unable to see where the banks have been heading in the last 2 years and I doubt any of them has any real practical experience... Ah well, it's going to be a long hard winter...
Looks like the swedes are extending a lifeline to Kaupthing....and the krona has been pegged at 131 to the euro. Iceland doesn't want to go to the IMF for help - can sort of understand why. Loans from the IMF usually come with a lot of strings attached regarding economic policy. AUD took a battering today. Late last week it was sitting at 1.00GBP=2.38AUD, now it is 2.58!!
9 comments:
At least you can bury your money under the snow until it's safe to come out again.
;)
Ah damn. We have warmer weather now too... No hope for us here in the north...
I read something about that on Business Spectator this morning! Far Canal.
Well now the russians are bailing us out - but at what cost?
That's kind of scary. I saw an interview with some Icelandic finance guy who said
"Basically, we have been having a really good time, and now we are hungover, and it is bad"
Awesome. Except for the whole serious financial issue bit.
One good thing Olga - iceland will be soooo cheap for you guys at Christmas!!!
Hiya! looks like not only are the Russians coming, but they are going to peg the krona .... desperate times! And Landsbanki has been put into receivership -with the directors dismissed and replaced by people from the IFSA - lets hope they have a better understanding of how to run things than your central bank!!!
Massive rate cut by the RBA here today ... 100 basis points ....unheard of since the recession of the early 90s....
I am afraid that I have very little trust in the IFSA, they were unable to see where the banks have been heading in the last 2 years and I doubt any of them has any real practical experience... Ah well, it's going to be a long hard winter...
Looks like the swedes are extending a lifeline to Kaupthing....and the krona has been pegged at 131 to the euro. Iceland doesn't want to go to the IMF for help - can sort of understand why. Loans from the IMF usually come with a lot of strings attached regarding economic policy.
AUD took a battering today. Late last week it was sitting at 1.00GBP=2.38AUD, now it is 2.58!!
Post a Comment