Not that Iceland really needed another event to bring their economy closer to little more than subsistence level fishing, but they got one Thursday. Down about 94% since the July ’07 highs, FTSE decided there was no longer a place for the Icelandic equity index in its universe of over 120,000 indices and gave it the boot. The formerly leverage loving island has seen the market cap of its index decline to just under $2 billion and folks at FTSE could not justify throwing it in any of their four general categories: developed, advanced emerging, secondary emerging and frontier.
Iceland was on FTSE’s so-called watch list to join either the developed equity market index or advanced emerging market index. However, FTSE decided against entering it on the frontier index as its stock market is more similar to that of other western nations and that could confuse investors.
Iceland’s foreign ministry declined to comment on the FTSE move but said that it remained committed to restructuring its banking system and repairing relations with international investors. “We’ve already taken a number of steps towards normalisation,” said a spokesman.
When Mohamed El-Erian was speaking about the “new normal”, being left on the sidelines with teammates like newly investor friendly Zimbabwe was probably not what Iceland was hoping for.
FTSE drops Iceland from equity benchmarks [FT]
Greg -
Your writing causes pain to the eyes.
Mom
Greg,
Are you coming to the puppy social tonight at Bed & Biscuits?
DKneale
Greg -
Would you like to meet for dinner? My treat. I need to meet the only person on the planet who is despised by more people than me.
Vikram
Greg,
I got an 8:30 rez at Dorsia
Paul Allen
Greg-
I am going to make you do butt shots off Mark Haines while singing the Facts of Life theme song.
Jef macke
Greg, I am going to strip you naked and push you down an ice river until your nipples fall off.
-Jeff Macke
Greg,
I’m going to eat a box of laffy taffy, while reading you jokes. I would prefer if you brought the betamax version of The Dirty Dozen to this soiree.
-Jeff Macke
Greg-
I am going to tickle your nose with my frenulum and plant pumbkin seeds in your rosebud.
Jeff Mack
Greg,
i’m going to fashion a huge ice dildo with the mold I have handy, and shove it up your ass. When you go to the ER to get it removed it will have melted and the nurse will wreak her revenge on you for trying to get her to go there.
-Not JM but of the same view
Greg -
Can you please post in braile, so I can hate you too?
Helen Keller
Greg, I’m going to rob you in Reykjavík and blast you in Kópavogur.
-Jeff Macke
@9
Bravo.
-The Real Fake Jeff Macke
today is friday, the sky is blue, the economy is recovering, and greg’s writing is completely and utterly awful and boring
One good thing about Greg. He can take more shit than a $37,000 dollar crapper.
John Thain
I would like to request, some Friday, a thread of consisting entirely of comments by Greg’s Mom and Jeff Macke.
Greg’s Mom has a lot of explaining to do.
Greg, I’m going to substitute Sanka for your regular coffee brand.
-Jeff Macke Wannabe
Greg, your Mom called. She said she has that “Less than Fresh Feeling” again, and something is starting to itch & burn. Can you stop by Duane Reade’s on your way home???
Greg -
Things are fluid in Iceland. We need you to head up there on assignment. Buy a one way ticket. We may want you to stay a while.
Bess