Frozen in a State of Distress, and What to do Next?
Well, it's happened. Iceland has frozen. Last week in a literal sense, and this week in a more figurative, but just as real manner. Our economy is collapsing, assets are unavailable, mass layoffs are in the works and we've managed to piss the British off in a big way. Our leaders have agreed to a major loan from Russia, if I remember correctly something in the way of 600 billion króna, or about 4 billion Euros ("The Russian ambassador to Iceland, Victor Tatarintsev, informed central bank governor David Oddsson early this morning that Russia would provide Iceland with the loan for three to five years at rates 30 to 50 points above Libor."). Construction workers are flocking to Norway and Sweden and grants, parties and ads once funded by our major banks are being cancelled.
Now we're trying to save face and remember all those tips and tricks our grandparents tried to teach us before we got all glassy-eyed with consumerism and the vacuous, instant gratification version of the capitalist dream.
Read more here.
Posted by Iceland Eyes on October 09, 2008