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Icelanders Run Out of Cash to Repay Debt

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Iceland’s private sector is running out of cash to repay its foreign currency debt, according to the nation’s central bank.

Non-krona debt owed by entities besides the Treasury and the central bank due through 2018 totals about 700 billion kronur ($5.8 billion), the bank said yesterday. The projected current account surpluses over the next five years aren’t estimated to reach even half of that and will equal a shortfall of about 20 percent of gross domestic product.

The nation faces a “repayment risk of foreign debt by private entities in the economy, who don’t have access to foreign financial markets,” Sigridur Benediktsdottir, head of financial stability at the Reykjavik-based central bank, said yesterday in an interview. “We view this as being exacerbated or made worse by the fact that our current account is actually declining.”

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Posted (edited)

The best advice I could give Ms.Benediktsdottir is to give David Cameron a call. The British taxpayer is already shovelling out millions of ££££'s to the rest of the world, so I doubt another begging bowl will make any difference!

And while we're at it, ask her if she knows how Kent County Council, who are refusing to supply a police presence for Rememberance Day parades on the grounds of cost, managed to find £50 million to invest in Icelandic Banks!

Edited by ealdwita
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Áye Eald, they might actually pay back too, if you postpone the date a bit more. Pretty unheard of, ey?

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Áye Eald, they might actually pay back too, if you postpone the date a bit more. Pretty unheard of, ey?

Is this saying familiar in Finland too? s9108.gif

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Yeah, more than you'd think. :cry:

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Is this saying familiar in Finland too? s9108.gif

He might not be so wrong. Until 1989 nobody would give you a penny for the Czars debt papers except a guy called Costellany. That Costellany made a killing in 1995 when the Russian Federation honored the Czar's debt with interest. Too bad he did not survive the excitement of being really rich for long. Costellany died shortly after.

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well this isn't the first time they've run out of cash. the last time they run out of cash they refused to honour their commitment to foreign investors i.e, bank account holders who banked in Iceland thinking their saving were protected by the Icelandic governments financial protection authority and the depositors had no need to worry - because their savings were protected, but the government reneged on that, leaving the UK to pick up the tab for its citizens who had investments / banking accounts in Iceland. the UK wasn't the only one the Netherlands had to do the same for their citizens.

It cost the United Kingdom £2.6 Billion in bailing out. the last i heard was the UK and Netherlands took Iceland to court over the issue, the EU ruled Iceland didn't have to pay compensation.i cant remember the reason why, but it was a cheap cop out.

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Well, does anyone knows what history teach us about Iceland and Banking system?

Well you dont see that in media often. They simply let banks to collapse.

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I didnt think that we were still friends with Iceland after the fishing war,when they increased the fishing boarders to 100 miles,maybe Ive been asleep for a while.

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I didnt think that we were still friends with Iceland after the fishing war,when they increased the fishing boarders to 100 miles,maybe Ive been asleep for a while.

Setting your own fishing limits is just another benefit of not being an inmate (sorry) member of the EUSSR!

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Setting your own fishing limits is just another benefit of not being an inmate (sorry) member of the EUSSR!

Your problem there is that Iceland is not a member of the EU.

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Icelander are mine heros. I wish they repeat again what they already done.

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Ahh, actually paying the bills with a thing called cash. What does that even mean?

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