Iceland Bust By The End Of The Week?
The incredibly rapid pace of the demise of world financial markets doesn't make it beyond belief. The Icelandic government announced Tuesday it had sought an emergency loan from Russia to stave off the threat of "national bankruptcy."
Prime Minister Geir Haarde's announced he had decided to ask Russia for a loan of €4 billion, or $5.5 billion, to help the government and the central bank keep the economy afloat.
Clearly Mr Haarde is a man we'd all like to play poker against.
Though the government initially said it had secured backing for the loan from Moscow, the Russian deputy finance minister, Dmitry Pankin, told the Interfax news agency that no decision had been made. Iceland later acknowledged that it had been premature, saying it had contacted the Russians but had not yet reached an agreement.
"We are faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Haarde said late Monday.
Prime Minister Geir Haarde's announced he had decided to ask Russia for a loan of €4 billion, or $5.5 billion, to help the government and the central bank keep the economy afloat.
Clearly Mr Haarde is a man we'd all like to play poker against.
Though the government initially said it had secured backing for the loan from Moscow, the Russian deputy finance minister, Dmitry Pankin, told the Interfax news agency that no decision had been made. Iceland later acknowledged that it had been premature, saying it had contacted the Russians but had not yet reached an agreement.
"We are faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Haarde said late Monday.
