Iceland (20)
corkcity2014: Do you get a lot of dark thoughts?
Define a dark thought
sirLarryIII: Define a dark thought
I sense a feeling of despair. :)
corkcity2014: I sense a feeling of despair. :)
Sorry to hear that
Mums go to iceland 
The two political parties that got Iceland into the economic mess in 2008 are now back in government. The Icelandic electorate are obviously quite tolerant of even the most extreme incompetence.
The banks should have been allowed go bang in Ireland and Ireland should have defaulted back in 2008 as It would have meant necessary and drastic cuts in public spending.
Iceland also austerity measures between 2008-10 with significant tax increases across the board. Iceland has not had a painfree time since 2008.
The banks should have been allowed go bang in Ireland and Ireland should have defaulted back in 2008 as It would have meant necessary and drastic cuts in public spending.
Iceland also austerity measures between 2008-10 with significant tax increases across the board. Iceland has not had a painfree time since 2008.
kennyfromdublin: The two political parties that got Iceland into the economic mess in 2008 are now back in government. The Icelandic electorate are obviously quite tolerant of even the most extreme incompetence.
The banks should have been allowed go bang in Ireland and Ireland should have defaulted back in 2008 as It would have meant necessary and drastic cuts in public spending.
Iceland also austerity measures between 2008-10 with significant tax increases across the board. Iceland has not had a painfree time since 2008.
The banks should have been allowed go bang in Ireland and Ireland should have defaulted back in 2008 as It would have meant necessary and drastic cuts in public spending.
Iceland also austerity measures between 2008-10 with significant tax increases across the board. Iceland has not had a painfree time since 2008.
It was mainly the banks that were responsible for the mess. I can't get over how many people ignore that point.
corkcity2014: It was mainly the banks that were responsible for the mess. I can't get over how many people ignore that point.
Yes and they should have been allowed go bust. Then again It was the FF government in Ireland who failed to rein the banks in when they were engaged in reckless lending.
kennyfromdublin: Sinn Fein do cute hoor politics North and South, political allies are given community jobs in Belfast and Derry while more qualified people not affiliated to SF are ignored for the positions.
Sinn Fein also support once off housing in rural areas like FF and FG which is a blight on the landscape in rural Ireland.
Labour will get a hammering in the local elections. They are only on 6% in the polls compared to nearly 20% in the 2011 General election.
Sinn Fein also support once off housing in rural areas like FF and FG which is a blight on the landscape in rural Ireland.
Labour will get a hammering in the local elections. They are only on 6% in the polls compared to nearly 20% in the 2011 General election.
FG certainly won't. Some like to announce they vote FG to try and impress people , the same way when they tell others they are members of the local golf club.
kennyfromdublin: Sinn Fein do cute hoor politics North and South, political allies are given community jobs in Belfast and Derry while more qualified people not affiliated to SF are ignored for the positions.
Sinn Fein also support once off housing in rural areas like FF and FG which is a blight on the landscape in rural Ireland.
Labour will get a hammering in the local elections. They are only on 6% in the polls compared to nearly 20% in the 2011 General election.
Sinn Fein also support once off housing in rural areas like FF and FG which is a blight on the landscape in rural Ireland.
Labour will get a hammering in the local elections. They are only on 6% in the polls compared to nearly 20% in the 2011 General election.
FG certainly won't. Some like to announce they vote FG to try and impress people , the same way when they tell others they are members of the local golf club.
kennyfromdublin: Sinn Fein do cute hoor politics North and South, political allies are given community jobs in Belfast and Derry while more qualified people not affiliated to SF are ignored for the positions.
Sinn Fein also support once off housing in rural areas like FF and FG which is a blight on the landscape in rural Ireland.
Labour will get a hammering in the local elections. They are only on 6% in the polls compared to nearly 20% in the 2011 General election.
Sinn Fein also support once off housing in rural areas like FF and FG which is a blight on the landscape in rural Ireland.
Labour will get a hammering in the local elections. They are only on 6% in the polls compared to nearly 20% in the 2011 General election.
FG certainly won't. Some like to announce they vote FG to try and impress people , the same way when they tell others they are members of the local golf club.
kennyfromdublin: Yes and they should have been allowed go bust. Then again It was the FF government in Ireland who failed to rein the banks in when they were engaged in reckless lending.
Im no FF apologist. Were FG outraged at the time, were they screaming at the banks?
corkcity2014: Im no FF apologist. Were FG outraged at the time, were they screaming at the banks?
So were Sinn Fein, politicians of all stripes like talking sh**e when they are in opposition.
SF originally supported the bank guarantee as well, one of the worst financial policies ever introduced in this country.
corkcity2014: FG certainly won't. Some like to announce they vote FG to try and impress people , the same way when they tell others they are members of the local golf club.
FG will get a hammering as well in the Local Elections, the latest opinion polls have FG on 25% which is 7% down on their 2009 result.
kennyfromdublin: So were Sinn Fein, politicians of all stripes like talking sh**e when they are in opposition.
SF originally supported the bank guarantee as well, one of the worst financial policies ever introduced in this country.
SF originally supported the bank guarantee as well, one of the worst financial policies ever introduced in this country.
Isn't it refreshing to see politicians make a U turn. Shame the others couldn't do it.
corkcity2014: Isn't it refreshing to see politicians make a U turn. Shame the others couldn't do it.
SF will be making plenty of u turns if they ever get into government in the Republic. They'll be coming out with the same excuses that Labour are coming out with at the moment.
How would you feel If they went into coalition with FF?
Iceland got away with it because they are small. They cut their banks up, removed the assets, ring fenced them in Iceland to provide local liquidity and basically left the bad bit to the creditors.... there was no money for the British councils and pensioners that saved with them. The English Central Bank buffered them up to the tune of billions while Iceland still pays back.
Iceland is small. a couple hundred thousand people.
In Ireland's case, Geitner told the EU not to let Ireland default. Because we were too big. I can only guess what would happen if we did the same thing.... sanctions, capital flight to the tune of tens of billions, multi nationals would up and leave in droves. They had us by the balls. In 25 years when the docs can be shown to the public, I'm guessing there was some threats sent into Lenihan's office... the biggest threats I'd say were face to face whispers in the shadows.
Iceland is small. a couple hundred thousand people.
In Ireland's case, Geitner told the EU not to let Ireland default. Because we were too big. I can only guess what would happen if we did the same thing.... sanctions, capital flight to the tune of tens of billions, multi nationals would up and leave in droves. They had us by the balls. In 25 years when the docs can be shown to the public, I'm guessing there was some threats sent into Lenihan's office... the biggest threats I'd say were face to face whispers in the shadows.
MADDOG69: Iceland got away with it because they are small. They cut their banks up, removed the assets, ring fenced them in Iceland to provide local liquidity and basically left the bad bit to the creditors.... there was no money for the British councils and pensioners that saved with them. The English Central Bank buffered them up to the tune of billions while Iceland still pays back.
Iceland is small. a couple hundred thousand people.
In Ireland's case, Geitner told the EU not to let Ireland default. Because we were too big. I can only guess what would happen if we did the same thing.... sanctions, capital flight to the tune of tens of billions, multi nationals would up and leave in droves. They had us by the balls. In 25 years when the docs can be shown to the public, I'm guessing there was some threats sent into Lenihan's office... the biggest threats I'd say were face to face whispers in the shadows.
Iceland is small. a couple hundred thousand people.
In Ireland's case, Geitner told the EU not to let Ireland default. Because we were too big. I can only guess what would happen if we did the same thing.... sanctions, capital flight to the tune of tens of billions, multi nationals would up and leave in droves. They had us by the balls. In 25 years when the docs can be shown to the public, I'm guessing there was some threats sent into Lenihan's office... the biggest threats I'd say were face to face whispers in the shadows.
Its not a question of Iceland got away with it.
It's a case of making the right decision.
corkcity2014: Its not a question of Iceland got away with it.
It's a case of making the right decision.
It's a case of making the right decision.
Debatable though that Iceland has got away with it or made the right decision. The key thing in the whole crisis is the issue around capital controls. Should countries have them? Iceland used them to revert some of the pain. But probably only kicking the can down the road a bit. Once other countries don't use them, Iceland is just forgoing its real cost of the crisis for a future date. If it had them before the crisis, it would probably have been a different matter. Although I believe capital controls at a certain level are necessary, you just can't turn on and off capital controls when it suits you.
corkcity2014: Its not a question of Iceland got away with it.
It's a case of making the right decision.
It's a case of making the right decision.
Oh. THey made the right decision. They knew they were small enough. I would have done the same meself.
Now.. if that figure was 60+ billion instead of the 5 billion that Icesave was left owing the Brits alone... it might have been a very very different story.
Iceland would be part of the Commonwealth.
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When Iceland’s President Olafur Ragnar Grimmson was asked whether or not other countries – Europe in particular – would succeed with Iceland’s “let the banks fail” policy, he stated the following:
“Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. ?People in enlightened democracies are not going to accept that in the long run.”
Grimmson’s “famous” reply to the controversial question, “What is the reason for Iceland’s recovery?” is most remarkable.
“We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe.”