The Icelandic stock exchange is having a mixed first day of trading after its suspension.
Some news websites are reporting a 75% plunge in its value upon reopening this morning; but that fails to take into account that not all the listed companies are yet trading. The true level of the Iceland Stock Exchange will not be known until all companies begin trading again.
At the present moment, four companies have lost value between 0.2 and 15 percent, and three companies have gained by 2 to 8 percent.
The NASDAQ OMX website recorded a 1.9 percent drop overall an hour and a quarter into trading.
Your country is in denial. The banks ran a pyramid scheme. The central bank doesn’t have nearly the money to save the three banks. Your currency has no exchange rate in Europe. Imports will soon stop.
A chart on Bloomberg showed the stock exchange down 77% a moment ago. Now the chart isn’t even loading.
Your Nordic friends is ready to help you. But it seems that your leaders have other things in their mind. Have fun with your new friends from Russia. Today. And for the rest of your future. If you have one?
Do you feel better or more intelligent after wasting 5 minutes of your miserable life flamming with non sense this news?
I mean what’s you point? You want to say that Iceland is crap and that you hate its citizens?
Just say it.
Iceland cannot adopt the Euro; if, previously – a decade – is not able to have a SIMILAR inflation to the European. If a country adopts the Euro, and inflation of that country is higher than the European average, some years, it is losing competitiveness respect to European partners, and no longer it will be able to devaluate: it would be a mousehole without exit! Iceland always has had a higher inflation than Europe; if adoptting Euro, will lose competitiveness, and it would have in years a jailed economy: exports would decay.
French were not entrusted in the experiment Euro and wanted to have a similar inflation to the German before starting up project Euro, time ten years, before accepting: otherwise, Germany would gain competitiveness, export, grow, would become richer. Iceland must fix Krona currency to the Euro – euro = Ikr 140 – ; Iceland must not adopt the Euro!
With economies of little inflation like German, Dutch, French or Belgian, a as inflationary country as Iceland cannot adopt Euro. Iceland must fix krona to the Euro, like Denmark.
By the way: Central bank of Iceland, when a Ikr 10000 banknote ?
It’s been 2 years and half now that I live here in Iceland and I don’t recall having hold a lot of banknotes.
Iceland is a chasless society. You pay everything with debit/credit card. From a coke to a car.
So a new banknote? Nobody cares :)
I feel sorry for youre pretty land, and it seems like “no-one” wants to help you but the Russians.
But, i know you can handle “ruff times” over there, so good luck!
Everything by credit card? Hmm… what does that mean… hmmm…
I do not believe in the theory from ‘SPAIN’. These effects might not occure in Iceland because its so small, but I think for the economy a stable currency (stable to the currency of trading partners) is a great advantage itself.
I am an Icelandic Citizen living in the US and I feel very badly for my fellow countrymen. I don’t know why the US is not helping you and instead helping countries like Georgia. The US had a military base in Keflavik for over 65 years, they owe something to the Iceladic people.
To pay a coke with credit card is an eccentricity, and, when eccentricities are committed, sufferings come later: now, it is time of suffering in Iceland. To pay everything with credic card is not good: temptation to buy what possible to be allowed and what no.
Respect to if my theory is mistaken or no, you can have a look to Nordic countries, nordic currencies: last decades, all – Denmark, Sweden, Norway, Finland, Iceland – have strongly devaluated respect to most solid Central Europe currencies; you can think … why ? My theory is not very remote of the reality. Indeed because Iceland is a small country and should buy everything abroad, harder inflation affects . Euro can come to Iceland with less inflation, and less growth: it is a complicated theory to explain in brief lines.
Why not ask for the support of the IMF? They may impose temporary business conditions but you will not be a political pawn as you would be if you took a Russian “loan”. Once the Russian bear has her claws in you she never wants to let you go – many countries will confirm this is so.