16 years
on the up side, its probably the first time in history iceland could be considered a financially viable place to visit!
Iceland Economy Crashing
Travel Talk
Iceland teeters on the brink of bankruptcy:
http://ap.google.com/article/ALeqM5hJdb2RwrEg_X8yNRHcVvn_OE9vKwD93LRO8O1
REYKJAVIK, Iceland (AP) — This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown....The strategy gave Icelanders one of the world's highest per capita incomes. But now they are watching helplessly as their economy 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.
"Everything is closed. We couldn't sell our stock or take money from the bank," said Johann Sigurdsson as he left a branch of Landsbanki in downtown Reykjavik.
The government had earlier announced it had nationalized the bank under emergency laws enacted to deal with the crisis.
Today's conversion rates:
1.00 USD = 110.423 ISK (from 89.44 ISK on September 8, 2008)
Related thread:
http://www.hostelmanagement.com/forums/iceland-hostels-prices-as-low-as-6.html
- Comments
16 years
Standard & Poor's declared Iceland as the no.1 risky economy from the upcoming markets... and Credit Suisse has stated a macro risk analysis:
“If in the event that counterparty risk should spread from corporates to sovereigns, the countries among the most at risk, in our view, would be Bulgaria, Estonia, Lithuania, Ukraine, Latvia, Romania, Hungary and South Africa," CS said in the analysis.
Yey, at least something we are in the top ten! :p
I think this article belongs to the did we say it or we did say it contest...
16 years
Yey, at least something we are in the top ten! :p
:D
I think this article belongs to the did we say it or we did say it contest...
We also have to consider that the banks here do not have much to do with the disturbance on the American mortgage market.
Hey, that´s Angela´s line! :D
16 years
Hey, that´s Angela´s line! :D
Indeed... and you know what? That's what I've heard from our financial minister today... :D
16 years
Iceland Air flights RT from NYC to Reykjavik -- November through March are starting at $400 USD.
(seen here)
Related Pages
Log in to join discussion