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Thread: It seems Iceland's crisis is generally considered to be over

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    Politics.ie Member
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    Default It seems Iceland's crisis is generally considered to be over

    2008

    You will note that this Wikipedia page is written almost entirely in the past tense. Iceland told the creditors' of its private banks to get stuffed, and is now bank raising bank finance, growing strongly, importing workers in some sectors, and generally getting on with things.

    Is the Icelandic crisis now substantially over?

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    Politics.ie Member seabhcan's Avatar
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    Wikipedia articles are always written in the past tense. And 2008 is in the past.

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    It contintues to have significant economic challenges, but they have mostly addressed the ones that still shackle us an still threaten another crisis.

    It is fair to say that they made mostly correct economic policy decisions. We made mostly wrong ones.

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    Politics.ie Member seabhcan's Avatar
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    Analysis: Icelanders question their lauded economic recovery | Reuters

    A more up to date article:

    The International Monetary Fund had originally forecast annual growth of around 4.5 percent from 2011-2013. It now is under half that.

    "Recovery? We're on the road to nowhere," said Vilhjalmur Egilsson, head of the Confederation of Icelandic Employers.

    ...

    CCP, which makes the popular Eve computer game, made around $65 million in 2011. It employs some 500 people globally from Shanghai to Newcastle, more than half of which are in Iceland.

    But capital controls imposed after the crisis, making it difficult to buy foreign currency, means financing is hard, as well as getting skilled workers to come to this volcanic island when repatriating savings is nearly impossible.

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by Trainwreck View Post
    It contintues to have significant economic challenges, but they have mostly addressed the ones that still shackle us an still threaten another crisis.

    It is fair to say that they made mostly correct economic policy decisions. We made mostly wrong ones.
    Thats not fair at all. We many options open to the Icelanders were not open to us - a country 16 times larger.

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    Politics.ie Member Sync's Avatar
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    /MOD/ There's a huge, active thread on Iceland's current economic status here: http://www.politics.ie/forum/foreign...nt-truths.html /MOD/
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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