The Mudcat Café TM
Thread #117928   Message #2544378
Posted By: Jean(eanjay)
20-Jan-09 - 04:56 PM
Thread Name: Icelandic Nation is Protesting
Subject: RE: Icelandic Nation is Protesting .......
It is sad to see from the link in the first post that teenagers and even an 11 year old boy have been arrested.

UK cannot take Iceland's soft option

The parallels with Iceland are disturbing. The country was ruined by the antics of its three big banks. They built up foreign liabilities equal to 900pc of GDP. Operating as hedge funds, they borrowed in dollars, euros and pounds to speculate. However, the state lacked the foreign reserves to match this leverage.

But Iceland at least had the luxury of letting banks default – shifting losses on to the rest of the world. It refused to honour foreign debts.


Any protests need to be done calmly if they are to have any effect.