Sunday, October 12, 2008

British deposits in Icelandic banks

I simply said in a previous post that Iceland intended to default on its deposit insurance obligations.

They now say they intend to honour them.

http://www.bloomberg.com/apps/news?pid=20601102&sid=aXXW.vOmh8Ao&refer=uk

Intention is fine. They do not have the cash.

J
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