Comments on: Iceland economic update: full analysis

By: Icelander

Icelander — Fri, 10 Oct 2008 12:55:04 +0000

Try to imagine being an Icelander you have for years been bloodmilked with high interest rates on mortgages in Icelandic banks.(Yeah that’s right your high interest rates are blood money from the average working Icelander) and now your pension is in a freefall and everyone call you a thief. When you feel that you have yourself been robbed. Icelandic people are honest and hard working and we are as much a victim of this BANKERS ADVENTURE that went bad.

We need to work together and help each other out. The moment people stop being fearful and blaming one another and start working together it will change. Remember what you give you get back.
Lend a hand and you have 10 hands when you need it.

By: jon

jon — Thu, 09 Oct 2008 03:21:26 +0000

There are some who made billions on this scam and stashed it away in the Cayman Islands – Björgólfur I & II, Jón Asgeir Jóhannesson for starters. Don’t even talk about making hard working people in Iceland pay their debts. These were private businesses, remember all the “free market” spúa? The “guarantees” were given by their purchased government, bought and paid for. Maybe the day after that crew have been made to give it up to pay off the people (all over the world) they have stolen from, everything … down to the last eyrir…I’ll listen to this stuff, but not one moment before.

jon

By: Luca

Luca — Wed, 08 Oct 2008 23:06:46 +0000

The thing is that this is a global problem and it will need global answers. I really don’t think anyone in the Uk will loose money in a bank.Even in an icelandic bank. The real problem will be economy in the next years.

By: Chris

Chris — Wed, 08 Oct 2008 23:01:33 +0000

people will you just behave…?? icelanders have it hard enough,and yes, they have made mistakes,but who would like to throw the first stone on them….??UK (or any other country) had it’s mess up too….
i hope icelanders will learn from that lesson, and as francesco pointed out, a small economy like icelands,can not handle things well alone,when things globally go bad…get the euro so next time you will be safer…..

chris,dublin

By: s jennings

s jennings — Wed, 08 Oct 2008 21:53:44 +0000

Whilst I empathize with everyone commenting here I do not think this is a time for mudslinging and nationalism, this is a global crisis and will only be solved with cooperation, Indeed rumors and mudslinging caused the demise of NorthernRock.
The icelandic president is not saying he will not compensate, he is saying he cannot compensate. can you imagine what it must be like to be a citizen of a country on the verge of national bankruptcy? Imagine your hard earned pound being worth only half that in the global economy!
As for “looking for new friends” Britain is effectively bailing Iceland out to the tune of 4 billion pound, can britain afford this? It may be us Britains facing the same fate as Iceland in a few months time.
As for Greed, we have all been probably guilty of that at sometime, I personally would not invest my hard earned cash in anything offshore unless the returns were far greater, which could be considered greedy. These investors believed they were getting a good deal with no risk, they are not venture capitalists!
As for theft, the investors should be pleased they are getting their money back, my savings are in a British bank but what if Britain went the same way as Iceland (this genuinely concerns me) I may not be compensated, this is, I speculate, going to happen to Icelandic citizens.
This is a global problem of the cheap credit age (greed??), we must all learn from this
Monetarism is here to stay, money is power, power is money, it transcends national boundaries…as predicted! no one is safe, even those with money, there will always be someone with more money (power)
On that political note.. judging by the strength of the pound our government is doing a fine job, not sure I have confidence in the prime ministers leadership skills (sorry I cant even remember his name) but I cannot think of a better person to see Britain through and emerge triumphant from this economic crisis (yehee..nationalism!)

By: Daniel

Daniel — Wed, 08 Oct 2008 20:30:17 +0000

Why is Britain so upset ? Do you really think that if a british bank would fail on their duties outside of the GB, the british government would step in ? No, it would be deemed “free market” or another euphemism. I would say it was and is the british regulator who has to assure a proper functioning of its – and the foreign – banks in the united kingdom. So obviously, the british regulator (as many other regulators) has failed. I am neither living in Iceland nor am I an Icelander. But I strongly disagree on many of the comments I have just read. Of course, the whole situation in Iceland is ashaming. But I am very sure, that many Investment Banks in London made a hell of a profit in doing business with the Icelandic banks and in participating in carry-trades that are unwind now. Sorry, GB, don’t only blame the others…

By: Andy

Andy — Wed, 08 Oct 2008 19:45:57 +0000

I have every sympathy for the Icelandic people. Its government have let them down, they would have been better to have said “we may have difficulty in meeting our commitments” rather than waving 2 fingers about.

IMHO its long term prosperity must lie as a Danish province

By: Francesco Italy

Francesco Italy — Wed, 08 Oct 2008 19:38:10 +0000

Come on Icelanders,

let’s hope you leave the worst behind quickly (and also give the money to those jinxed guys from the UK). I am really sorry and sympathetic with you, but this is what happens when a tiny economy like Iceland’s thinks it can stand alone in times of globalization.

I hope this crisis will make you change your mind and you’ll join the EU and the euro soon. We’re all in the same boat, only by standing united we can face storms like these one.

ps
I’ll keep on listening to Sigur Ròs (thats for the Briton who threw Bjork’s cds away in disgust)

By: Dion Schrijen

Dion Schrijen — Wed, 08 Oct 2008 19:05:16 +0000

How can the Icelandic governemnt be so ignorent. I had like 1.200 euros on Icesave in the Netherlands and am shocked by the fact that Iceland is not meeting his guarantees towards the British savers. How can you say greed? We are all people who have to work hard for our money and want to make the most of the savings, which I trust you would too if you had savings. I have never seen developed countries (of which I think Iceland is one too) not meeting their word. In our country the government would be nearly hung if they had the guts to promise anything, domestic or abroad, and not standing up for his word when asked for. I;m now waiting what will happen for Dutch savers. I’m glad to have heared today that our ING bank has bought large parts of Icesave and other Icelandic saving banks in Britain and can only hope that some of those developed people will do so for the Dutch savings.

Further I don’t think that people in Iceland will ever see foreign products in their country or see any tourist (well maybe from Russia) if they don’t stand up for their word!

If you have any economic sense you will realize that if you are internationally ignored it will mean that you will be as poor as the average Northern Korean person.

By: Gina

Gina — Wed, 08 Oct 2008 18:57:21 +0000

Your bank stole my money.
I’d better get it back soon or i’ll pay a little visit to your itty bitty “poor” country that’ll go down in history books.