Iceland potential bakruptcy for the whole country -- jotter

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Date Posted: 02:23:48 10/10/08 Fri
Author: No name
Subject: Iceland potential bakruptcy for the whole country

This Week In FocusFriday October 10 2008
Iceland: A Metaphor For The Crisis
It is shaping up as the disaster of all the financial disasters we have seen so far. Iceland, a country of perhaps 320,000 people, stuck at the top of the world, has become a sort of single point of reference for the credit binge and freeze.
It could very well be the first country to go into bankruptcy as a result of its credit binge being killed off by the crunch, now freeze.
Only some help from neighbours willing to risk billions and perhaps never see the money again will see the country avoid being bankrupted. Talks start with Russia on a 3 billion euro loan next Tuesday.
No repeat of Argentina or Russia defaulting on debts: in those cases default was a last option for desperate and at times venal politicians and businesses leaders.
Iceland has no option: bankruptcy for the entire country is the only option: the Government has sporadic discussions with the International Monetary Fund which could help, but seemingly is resisting the obvious cost.

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Replies:

Talks start with Russia on a 3 billion euro loan next Tuesday. -- No name, 02:26:33 10/10/08 Fri
14th of October Iceland. -- No name, 02:29:46 10/10/08 Fri