Its true. It somehow shocked me to learn that a country that houses some of the most highest earning income individuals are now but experiencing the effects of the global financial crisis. They are now first casualty of the forecasted "national bankruptcies" that will occur in the coming days. A full-blown collapse of Iceland's financial system would send shock waves across Europe, given the heavy investment by Icelandic banks and companies across the continent, according to Associated Press.
U.N.'s just awarded the country last year as the "best country to live in", with its residents deemed the most contented in the world - and now no more.
Iceland is one of Europe's wealthiest countries - thanks to its deregulated banking industry that dates back only in the early 1990's. According to the Associated Press, the Icelanders are now watching their economy as it implodes, their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times. The government had earlier announced it had nationalized the bank under emergency laws enacted to deal with the crisis.
Goes to show that a wealthy country like that of Iceland won't be insulated in such a financial crisis and that any country including ours can suffer the same fate. THE WHOLE COUNTRY, BANKCRUPT? I can't imagine how its Prime Minister is doing to turn this sorry state around. I also can't imagine that banks are closed and cannot even get hand of my hard-earned savings. Really hope this won't happen to the country soon. It would be chaotic.
U.N.'s just awarded the country last year as the "best country to live in", with its residents deemed the most contented in the world - and now no more.
Iceland is one of Europe's wealthiest countries - thanks to its deregulated banking industry that dates back only in the early 1990's. According to the Associated Press, the Icelanders are now watching their economy as it implodes, their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times. The government had earlier announced it had nationalized the bank under emergency laws enacted to deal with the crisis.
Goes to show that a wealthy country like that of Iceland won't be insulated in such a financial crisis and that any country including ours can suffer the same fate. THE WHOLE COUNTRY, BANKCRUPT? I can't imagine how its Prime Minister is doing to turn this sorry state around. I also can't imagine that banks are closed and cannot even get hand of my hard-earned savings. Really hope this won't happen to the country soon. It would be chaotic.
I didn't know Iceland was such an important country in Europe! The only popular thing I know that came out of that place is Bjork =)
I think it is scary... The economies of world's richest countries are declining.
@ wendy: me too, goes to show also how peaceful the country is or was till this bankruptcy came in..
@ kris jasper: yeah, i invested in some stocks pa naman. lost some huge grand. sana makarecover..
hmmm... cliché.
lipad. bagsak. bow!
It will cause havoc indeed!
My financial analyst friend shared this to me yesterday..
weird & scary tlaga.
Can I repost this to my blog?
Yeah, It was kind of a chock that Iceland was the first to fall I honestly thought that it was America how should be the first victim off the world final crisis.
@ dean: sinabi mo pa. pero compared naman sa atin, i think mas ok nangyari pa rin iceland kesa laging bagsak? hehe
@ b: sure, just acknowledge my name. hehe.
@ joanna: yeah me too. but its good that america didn't go into what iceland experienced.
sorry for the late replies!