Iceland meltdown?
- From: ML <mary.egret1952@xxxxxxxxx>
- Date: Tue, 7 Oct 2008 13:51:53 -0700 (PDT)
Just when you thought you could move to
good old Iceland to escape the U.S. horrors,
their economy is in serious crisis.
http://www.belfasttelegraph.co.uk/breaking-news/world/europe/iceland-on-brink-of-national-bankruptcy-over-bank-crisis-13994580.html
"Iceland's Prime Minister has given a televised speech
warning that the country faces possible "national bankruptcy"
due to the global financial crisis.
Geir Haarde made the comments last night following a
day of panic on stock markets across the world.
Iceland is particular exposed to the financial crisis as its
banking sector totally dwarves the rest of the economy.
The situation has led to soaring inflation and a massive
fall in the value of the Icelandic krona.
The Government has introduced emergency legislation
giving it sweeping new powers over the financial sector in
an effort to stave off a total economic collapse.
Brad what is the world coming to?
Is it the end of the world as we know it?
.
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