questionmark Posted October 9, 2013 #1 Share Posted October 9, 2013 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.” Read more Link to comment Share on other sites More sharing options...
Ealdwita Posted October 9, 2013 #2 Share Posted October 9, 2013 (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 October 9, 2013 by ealdwita 6 Link to comment Share on other sites More sharing options...
Mikko-kun Posted October 9, 2013 #3 Share Posted October 9, 2013 Áye Eald, they might actually pay back too, if you postpone the date a bit more. Pretty unheard of, ey? 2 Link to comment Share on other sites More sharing options...
Ealdwita Posted October 9, 2013 #4 Share Posted October 9, 2013 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? 1 Link to comment Share on other sites More sharing options...
Mikko-kun Posted October 9, 2013 #5 Share Posted October 9, 2013 Yeah, more than you'd think. 2 Link to comment Share on other sites More sharing options...
questionmark Posted October 9, 2013 Author #6 Share Posted October 9, 2013 Is this saying familiar in Finland too? 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. 1 Link to comment Share on other sites More sharing options...
stevewinn Posted October 9, 2013 #7 Share Posted October 9, 2013 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. Link to comment Share on other sites More sharing options...
Big Bad Voodoo Posted October 9, 2013 #8 Share Posted October 9, 2013 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. Link to comment Share on other sites More sharing options...
spud the mackem Posted October 10, 2013 #9 Share Posted October 10, 2013 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. Link to comment Share on other sites More sharing options...
Ealdwita Posted October 10, 2013 #10 Share Posted October 10, 2013 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! 2 Link to comment Share on other sites More sharing options...
questionmark Posted October 10, 2013 Author #11 Share Posted October 10, 2013 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. Link to comment Share on other sites More sharing options...
Big Bad Voodoo Posted October 10, 2013 #12 Share Posted October 10, 2013 Icelander are mine heros. I wish they repeat again what they already done. Link to comment Share on other sites More sharing options...
Yamato Posted October 11, 2013 #13 Share Posted October 11, 2013 Ahh, actually paying the bills with a thing called cash. What does that even mean? Link to comment Share on other sites More sharing options...
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