the failing ambitions of iceland's banks

10/01/2008 08:30:41 PM (1)
Iceland has become something of a poster child for a country that borrowed too much money and sucked in cheap capital.

The country's banks got more than a little carried away.

According to The Financial Times.

"The witch-hunt is sustained by a sense of injustice that these upstarts got so big in the first place – combined assets of the top three are about nine times Iceland’s gross domestic product."

The banks are now of course in terrible trouble forcing the Icelandic government to bail them out with money it doesn't have.


Posted by Ed Cotton
Tags: iceland (4)

Comments
No need for me to worry
No need for me and other Kaupthing Edge savers in Uk to worry. Kaupthing Edge is covered by the UK Financial Services Compensation Scheme
Posted by kevin adam on 10/02/2008 11:18 AM
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