“Students interested in economics and finance should closely follow this new Iceland saga, for it is the most dramatic story yet to illustrate how reckless bankers let loose in a free market can destroy entire economies.” – Uwe E. Reinhardt November 3, 2008
The “Notice of statement of affairs” document shows that Baugur took the box at St James’ Park on a two-season basis. The £225,000 owed would have been higher but the company agreed to a “payment plan” at an unspecified point in the past and around £40,000 was paid down.
From The Telegraph
Hard times have hit Iceland, as they did in 1875. And as they did in 1875, Icelanders are looking to Manitoba for a better life.
Recently, about 500 people attended a seminar in Reykjavik, put on by the Icelandic Directorate of Labour and the Canadian Embassy. The topic was on a recent agreement regarding work opportunities for Icelanders in Manitoba, and on temporary work permits and permanent-resident permits in Canada.
“I’ll take anything that’s on offer,” said Ragnheidur Gunnarsdottir, a single mother of three children, who has a degree in commerce. She last worked as a hair stylist, has been unemployed since last fall and hopes she will get a job in Manitoba. “I’m ready to go anytime,” she said.
From the Winnipeg Free Press
Then M.E.G.A. surprised me by asking what people thought of his country — he was wondering if people viewed Iceland as a punch line .
and
“We had so many positive things to write about. Suddenly all we had was bad news,” Georg said.
The economic crises had at least one silver lining for Sprengjuhollin.
After we spent an hour talking about the Icelandic economy over drinks and snacks, I picked up the tab, figuring I could expense it under “Icelandic economic bailout.”
From the Statesman
Inexplicably, nearly all of the bank executives, board members, and “experts” remain. Although the government has nationalized all of the banks, it has made no apparent effort to control or investigate the individuals who provided such stellar advice. They are obviously indispensable.
Simon Johnson and James Kwak wrote in the New York Times that the lesson of the 1997 Asian financial crisis is that “when insiders have broken a financial institution, the most direct remedy is to kick them out. … We should not let people think that the best way to guarantee job security is to lose lots of money in a really complicated way.”
From Iris Erlingsdottir at the Huffington Post
