Time to put money Back into ICELAND?

JayTee99_2

Shame Bloomberg didn't let this clip run for another minute or two, it was just getting interesting, talking about the longer term prospects for the krona..

Bloomberg video clip

Isleifsson Says Iceland Rate Increase May Revive Krona: Video
Oct. 28 (Bloomberg) -- Olafur Isleifsson, professor of economics at the University of Reykjavik, talks with Bloomberg's Nina De Roy about the Iceland central bank's decision today to raise the benchmark interest rate by 6 percentage points to 18 percent after reaching a loan agreement with the International Monetary Fund. Isleifsson is a former IMF executive board member representing the Nordic countries. (Source: Bloomberg)
Running time 01:15
-0- Oct/28/2008 18:51 GMT

Bromley86

Geir Haarde now seems to confirm that the Icelandic government is really trying to wriggle out of the 20k euro guarantee. Not that it directly affects any Icesavers, but if true it's the final nail in the coffin of any future international banking recovery for Iceland.

http://business.timesonline.co.uk/tol/business/economics/article5042460.ece

JayTee99_2

i guess only Haarde could include references to the debt he owes UK savers and a veiled threat of Nazism in the same sentence!

Haarde is clearly wriggling, it appears to me yet more evidence that Iceland is trying to come through this crisis, relatively unscathed, hanging onto their assets, at our expense.

i heard Alastair Darling commenting quite recently on the 'leaked' transcripts, and he said from the full telephone conversation, he was under no illusions that Iceland were only prepared to guarantee domestic savers at that time..

Personally, i'm VERY happy so far with AD/GB's actions (and i've not been one of their biggest supporters in the past), and just hope they don't flinch in doing the right thing by the UK taxpayer.

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