Dopeyness warning. Whilst I was familiar with the Icelandic bank balance sheets relative to GDP (Iceland is the second most bank revenue to GDP in the world after Switzerland which tells you something) I was simply sure - and wrong - about Iceland being an EU member state.
They are not - as many comments have pointed out. My mistake.
I was also familar with Kauthing Edge and Ice Savings - and indeed had mentioned them in the comments - and was concerned about the effect of the Icelandic banks on the Norwegian deposit market. (If you look back at past posts I found some Norwegian readers to confirm to me what DNB Nor management was saying).
I am a dope. I thought that there was no way the UK would allow the Icelandic banks to raise 5 billion pounds plus in deposits at high rates in the UK unless they were forced to under EU rules.
Something else went wrong with UK policy here. Either way its very problematic.
I am short Swedbank. It’s a call on the collapse of the
The risk with that short is a bail-out because the
But then I am wondering how dumb American foreign policy is becoming.
The Spectator also reports that the
Some questions: what is political union in
Who is in charge here?
Is it an enormous geopolitical decision to allow
I have a question for the conservatives: would Ronald Reagan have allowed it?