Iceland crashes!

[Homesteadmom]

Not 100% sure this belongs here, but f it gets moved thats ok.

Last night I heard on the news that amid the financial mess Iceland is in their Gov't has now crashed & burned on them too. How sad is that? Not sure of all the details as a child interupted my viewing & listening. But that was startling to hear none the less.

 

[FarmerChick]

yea they are in trouble. economic crash for them.
here is a small article to show they need about $4 billion euro to try to bail out...they are asking Russia etc. to help them.

http://www.rferl.org/Content/Iceland_Seeks_To_Borrow_4_Billion_Euros_From_Russia/1294758.html

 

[Wifezilla]

Russia? Talk about making a deal with the devil

 

[homestead jenna]

They've been in trouble for a while now. I haven't been able to hear anything at all from my friends there. They own a fish company that markets here to the States and also a eco-tourism business. Both of which are vulnerable.....

It's a beautiful country. I was there in 01. Unfortunately they don't have a very diverse economy.

 

[FarmerChick]

oh yea little countries are going to feel the pain big time.....like you said, not diverse and it will end up hurting those types of situations.

 

[opiemaster]

Well, I think we will be hearing of more small counties having trouble. I dont understand going to Russia thou, as wifezilla stated, thats making a deal with the devil himself. Well I know 1 more country that wont be our allie if anything goes wrong with the communist world.
Hey, wasnt Russia in dire straits here a couple years ago and WE had to bail them out, NOW there lending money to other countries? We must have helped them out real good.

 

[reinbeau]

Iceland's crash actually happened back in October. Don't be surprised they turned to Russia or somewhere else, the root cause of their financial crisis started in the USA, why would they turn to us when our monetary policies caused their mess? We need to clean up our own house before we can fix anyone elses and that isn't happening, is it?

 

[Homesteadmom]

Ok I knew all of this info. I was looking to find out what happened to their gov't & why it collapsed too.

 

[patandchickens]

google is yer friend:

http://www.msnbc.msn.com/id/27104617/

http://en.wikipedia.org/wiki/Economy_of_Iceland

e.t.a. - oops - for a more politics centered discussion, see

http://www.telegraph.co.uk/news/wor...s-causes-Icelands-government-to-collapse.html

or

http://www.nytimes.com/2009/01/27/world/europe/27iceland.html?ref=business

Basically it's just that the existing gov't failed to carry sufficient popularity. That's all that 'collapse' really means in this case. Vote of no confidence, and massive resignations.

There will be elections and some new lucky folks will get to be in charge to try to solve the mess. The structure of the government is intact, as is rule of law; it's just unexpectedly time for elections, is all.

Pat

 

[Homesteadmom]

Thanks Pat, I appreciate the info.