When the EU has finished expanding and crushing all resistance, like the Irish,
it will start making life hard for those left out of the EU to prepare for the next expansion.

“Po the first quarter of 2009, Iceland’s external debt exceeded $ 100 billion and amounted to almost 850% of GDP”

i think we are down to just 200% of GDP :)
and the only loan we have recieved so far is $800 m
from IMF, and not a dime spent.

Google translation

The Russian government until the end of July to decide a loan Iceland – Pankin

Moscow. July 15. . INTERFAX-Afi – The Russian government until the end of July to decide on the granting of credit, Iceland, told journalists Deputy Minister of Finance of the Russian Federation Dmitry Pankin. . According to him, the Ministry of Finance today will make the government their assessment of the macroeconomic situation in Iceland, after which “must be made a political decision, whether to grant a loan, stressed zamministra.. Pankin said that the Ministry of Finance, in assessing the macroeconomic situation in Iceland, noted some improvement. “In the country there has been improvement, the stabilization of the situation compared to last year. To take reasonable measures to reduce the deficit and resolve the external debt” – he said. . However, it remains unresolved the question of the amount of bank debt. “On the whole, maintained a very high level of public debt,” – said on.Ranee reported that Iceland has asked Russia for a loan of $ 500 mln.Islandiya in October 2008 actually experienced a default by the collapse of the banking system (failed three banks, which accounted for 85% of the assets of the banking system), the devaluation of natsvalyuty, offensive retsessii.V November 2008, the IMF approved a loan Iceland $ 2.1 billion in funds allocated to support the program of the government to stabilize the economy and restore confidence in the outcome ney.Po the first quarter of 2009, Iceland’s external debt exceeded $ 100 billion and amounted to almost 850% of GDP. This amount represents the liabilities of three largest banks in the country, which were guaranteed by the Government of Iceland.

That’s why he hates Iceland….

A COUNTRY LIVING ON FISH AND INDUSTRIAL PRODUCTION OF THE METALURGIC KIND ( ALUMINIUM) IS ECONOMICALLY IN THE SAME LINE AS ANY POST-SOVIET REPUBLIC. SUCH IS AN UNDERDEVELOPED ECONOMY IN COMPARISON TO THE TECHNOLOGIC REVOLUTION OF EU, JAPAN, KOREA, AND OTHER COUNTRIES THAT ARE COMING BIG INTO IT LIKE CHINA AND INDIA.

ICELAND HAS NOT A COMPETITIVE ECONOMY AND DEPENDS MAINLY ON TWO PRODUCTS “FISH AND ALUMINIUM”. ALUMINIUM PRICES HAVE DROPPED A 60%, FISH IS A SCARCERING AND ( SINCE THE LAST RESTRICTIONS ADOPTED IN THE PARLIAMENT FOR FISHING ) THE FISH MARKET HAS REDUCED A 30% ITS PRODUCTION. ICELANDERS ARE GETTING TO KNOW THAT FISH IS NOT GOING TO BE FOREVER.

NATURAL RESOURCES LIKE GAS AND OIL IN THE SEA ARE NOTHING BUT SPECTULATIONS AND WE WILL HAVE TO WAIT MANY YEARS TO SEE THE FIRST BENEFITS OF THAT. BUT AT THE MOMENT THERE ARE ONLY POTENTIAL SPECULATIONS.

WHY IS THEN ICELAND WANTING TO GET INTO THE EU ?

http://visir.is/article/20090716/SKODANIR/857215622

I would much rather get a loan from Russia than the EU, or Britain and Netherlands,
Russia has always been a good ally and friend to Iceland.

ICELAND’S ISOLATION FROM THE REST OF WESTERN EUROPE HAS VERY HIGH PRICE, AND NO ONE, NOT EVEN THE RUSSIANS,WANT TO PAY ICELAND’S BILLS IF IT IS NOT FOR GETTING SOMETHING BACK.

WELLCOME TO THE EU, IT IS THAT OR MISERY AND STARVATION