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I want to understand Icelandic Financial Troubles





Possum
Hi

I want to understand and write about the Icelandic Economic troubles.

For instance why should the Icelandic people pay for the mistakes of private banks?

Why didn't Ireland and Greece to the same thing?

Who's dept is it anyway?


Icelandic Dept Crisis

I really want to see how this event happened. Knowledge is not only power. Its a form of defense.
deanhills
Possum wrote:
For instance why should the Icelandic people pay for the mistakes of private banks?
Because they bought into the notion of the Banks not needing to be regulated. And that everything was perfect and wonderful when it obviously was not. The Government and Banks had been lying to them. Whether they are strong enough and have enough integrity to sort out the Government and the Banks is probably going to be the deciding factor, except of course when that happens quite a large number of people stand to lose a lot of money, so it's almost a damned if they do and damned if they don't situation.
Possum
You are no doubt right. Their Banks were offering high interest on deposits. But if a depositor looses money that's their problem. Or did the then Icelandic government guarantee the deposits, making the people of Iceland responsible.

Icelandic Dept Crisis
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