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Moe Szyslak

Iceland teeters on the brink of bankruptcy

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By JANE WARDELL, AP Business Writer

Tue Oct 7, 3:40 PM ET

REYKJAVIK, Iceland - This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown.

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Home to just 320,000 people on a territory the size of Kentucky, Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy — from fashion retailers to top soccer teams.

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.

"We have been forced to take decisive action to save the country," Prime Minister Geir H. Haarde said of those sweeping new powers that allow the government to take over companies, limit the authority of boards, and call shareholder meetings.

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.

The rest can be found here: http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown_1

I guess now we can start to add countries to the list of words we will use when talking about failures.

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This has been coming for years.

And mainly its of their own making. They have been artifically inflating the value of their currency for years in order to grow and expand. They took on way too much way too fast.

They were not equiped to be as large as they got and now its all going to come crumbling down. I think this was going to happen at somepoint regardless, the financial crisis we are facing and that has spread to Europe just sped up the process a little.

The guy I know in Iceland was saying he is going to toss his money in the fire place becuase its a cheaper source of heat then anything else he can go and buy.

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This has been coming for years....

They took on way too much way too fast.

Sounds familiar.

Bob

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