Not only that. Elendi’s Heir linked (in the current Iceland Feud) to this articleon CNN which covers the fall.
But why did it become common to borrow in a foreign currency? Not only it is risky (as demonstrated) but also…it’s just a weird idea to begin with.
The interest rates were lower abroad than in Iceland and with the ISK valued really high (as this graphshows) it was loads cheaper to take a loan in foreign currency. Inertia, then made everyone (companies included) lack the foresight to foresee an adjustment downwards in the value of the ISK.
The banks were actually among the first to do this. Loan money abroad at a lower exchange rate and then buy high-rate Icelandic CD.s.
Obviously, it didn’t work forever…
Just so know, the first new item tonight on the Franco-German TV channel “Arte” that I usually watch on the evening was about you guys.
You’ve never been as famous. This supposed crisis is actually an elaborate PR scheme, I say.
But who needs PR crowing, Look how far in hock we went!?
Yup, very elaborate! The image of Iceland 2.0 is based on bankrupcy and turmoil… that’ll draw a lot of tourists 
Well…The tourism image of Iceland is already very positive. Adding “cheap” will be a plus.
When I think about it, what about making money with “Icelandic brides”? It worked for the Russians.
Ummm… hello?
:: perks up ::
I’m completely satisfied with mine. 
I’m working on it… but for some reason they don’t take that well to it when I suggest it.
I need a new tactic 
It’s time to harness the power of ideas!
Explain your revolutionary philosophy of national self-reliance through hydroponics, geothermal energy, and insulated-mass construction. Describe how it builds on things Iceland was already doing before it got led astray, and how it will liberate Iceland from the clutches of a global money system gone mad. Then just mention in passing that there happen to be a few people on other continents who know a bit about this and would be happy to help…
And I work cheap.
I’ll give that a try on Saturday night.
No promises though… and I might have to try the goods myself before they get shipped off. Just to be certain they fit the quality standards
and you could legalise weed…you can grow it in your new geothermal powered hydroponic greenhouses, that should really attract the tourists,
just don’ t legalise prostitution too… that’s our thing
And what will happen when they’ll begin to flood the international markets with greenhouse grown tulips?
At least they’ll know when to get out of the scheme, right?
Denamrk released a press statement simply saying, “No returns, all sales final.”
Who cares what he thinks? What does Denmark say?
BTW, did the British ever apologize for their uninvited occupation of Iceland during WWII? I understand their reasoning, given the Nazi threat and all, but I mean, really, how rude! Still any hard feelings by Icelandic folk towards Brits today because of that?
Why is it always brides? Why aren’t there ever grooms?
feeling grumbly
Morgyn
Shall we change that to ‘prospective spouses’?