The island that tried to buy the world

mimo2005 · 10-06-2008, 08:00 AM

The nation's celebrated rags-to-riches story began in the Nineties when free market reforms, fish quota cash and a stock market based on stable pension funds allowed Icelandic entrepreneurs to go out and sweep up international credit. Britain and Denmark were favourite shopping haunts, and in 2004 alone Icelanders spent £894m on shares in British companies. In just five years, the average Icelandic family saw its wealth increase by 45 per cent.

But, as a result of the international banking crisis, the billionaires who own everything from West Ham United football club to the Somerfield supermarket chain, Hamleys toy shops and the House of Fraser, are in trouble and the country is drowning in debt.

http://www.guardian.co.uk/world/2008...d.creditcrunch

**EnglishPaul** · 10-11-2008, 12:29 PM

Quite a big thing over here. Seems like many councils, charities, and individuals were seduced by Iceland banks' interest rates. Now the money is frozen and a diplomatic storm has brewed.

As for the high street, step in Philip Green.

Ever played kerplunk? This is the international finance edition.

**sobeit** · 10-11-2008, 12:34 PM

oh well, I guess my millions are frozen over there too...

I wish...

IMO, most of the problems are being caused by individuals and companies that are scared. It going to be interesting how things play out over the next few years.

I wonder if iceland will be bought out by some big institution in order to save it.

**EnglishPaul** · 10-11-2008, 12:48 PM

Quote:

Originally Posted by sobeit

I wonder if iceland will be bought out by some big institution in order to save it.

Does it sit on an oil field?

I agree that it seems like a global panic attack, which if every one stuck their head in a paper bag for a bit would probably do the world of good.

10-06-2008, 08:00 AM	#1 (permalink)
mimo2005 Manager, Emeritus Join Date: Oct 2004 Posts: 11,142 OS: xp	The island that tried to buy the world The nation's celebrated rags-to-riches story began in the Nineties when free market reforms, fish quota cash and a stock market based on stable pension funds allowed Icelandic entrepreneurs to go out and sweep up international credit. Britain and Denmark were favourite shopping haunts, and in 2004 alone Icelanders spent £894m on shares in British companies. In just five years, the average Icelandic family saw its wealth increase by 45 per cent. But, as a result of the international banking crisis, the billionaires who own everything from West Ham United football club to the Somerfield supermarket chain, Hamleys toy shops and the House of Fraser, are in trouble and the country is drowning in debt. http://www.guardian.co.uk/world/2008...d.creditcrunch __________________ TSF has outgrown its server, again. Please help "Gutta cavat lapidem, non vi sed saepe cadendo"

10-11-2008, 12:29 PM	#2 (permalink)
EnglishPaul Still no avatar Join Date: Sep 2007 Location: Sheffield Posts: 1,314 OS: XP SP2 Blog Entries: 9	Re: The island that tried to buy the world Quite a big thing over here. Seems like many councils, charities, and individuals were seduced by Iceland banks' interest rates. Now the money is frozen and a diplomatic storm has brewed. As for the high street, step in Philip Green. Ever played kerplunk? This is the international finance edition.

10-11-2008, 12:34 PM	#3 (permalink)
sobeit TSF Enthusiast Join Date: Nov 2007 Location: NEAR Posts: 7,433 OS: windows/linux	Re: The island that tried to buy the world oh well, I guess my millions are frozen over there too... I wish... IMO, most of the problems are being caused by individuals and companies that are scared. It going to be interesting how things play out over the next few years. I wonder if iceland will be bought out by some big institution in order to save it. __________________ there's been global warming since the ice age