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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on October 07, 2008, 12:25:23 AM
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Iceland's parliament has passed emergency legislation to try to salvage the country's banking system.
In a televised address to the nation, Prime Minister Geir Haarde said the legislation would help the island avoid national bankruptcy.
Iceland will also offer an unlimited guarantee for all bank customers' savings accounts.
The moves come after trading in six of Iceland's biggest banks and financial firms was temporarily halted.
Banks dominate Iceland's economy, leaving the island of just 300,000 people heavily exposed to the global credit squeeze.
Under the legislation, Iceland's financial regulator will have wide-ranging powers to dictate a bank's operations and could even force it to merge with another company or declare bankruptcy.
The bill will also allow the government to take over housing loans held by the banks and put in a government fund.
"We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Mr Haarde said.
http://news.bbc.co.uk/2/hi/business/7655227.stm
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Iceland's parliament has passed emergency legislation to try to salvage the country's banking system.
In a televised address to the nation, Prime Minister Geir Haarde said the legislation would help the island avoid national bankruptcy.
Iceland will also offer an unlimited guarantee for all bank customers' savings accounts.
The moves come after trading in six of Iceland's biggest banks and financial firms was temporarily halted.
Banks dominate Iceland's economy, leaving the island of just 300,000 people heavily exposed to the global credit squeeze.
Under the legislation, Iceland's financial regulator will have wide-ranging powers to dictate a bank's operations and could even force it to merge with another company or declare bankruptcy.
The bill will also allow the government to take over housing loans held by the banks and put in a government fund.
"We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Mr Haarde said.
http://news.bbc.co.uk/2/hi/business/7655227.stm
300,000 people are easier to handle than 300,000,000. I like Iceland; lived there for a bit.
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300,000 people are easier to handle than 300,000,000. I like Iceland; lived there for a bit.
Another place I love to visit one time.
The monetary system is corrupt. It can not survive, it has to go.
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300,000 people are easier to handle than 300,000,000. I like Iceland; lived there for a bit.
I want to visit Iceland too. Seems like it would be a pretty cool place to visit for a week...
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I spent 4 days there, every chick is hot. Its friggen ridiculous.
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Bjork is not hot.
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Ok look somebody was bound to find one or two trolls.
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Rumor has it Bjork was a neo-con ploy planted buy the CIA to destabilize the nation and promote racial homogeny....
...or something. 240 help me out here......