Skip to main content

Iceland To Save Itself By Parting With Half Of Yearly Economic Output

One of the worlds largest, most heavily leveraged hedge funds, Iceland, is fully embracing the 'you've got to spend money to make money philosophy'. By forking over $6 billion to British and Dutch depositors of the failed internet banking arm of Landsbanki, Icesave, the country hopes to pave the way to promised land known as EU membership and access to international bailout funding. With the some EU-based businesses so enamored with what's coming down the regulatory pipe that they're running away as fast as they can, Iceland's $6 billion would likely be better used as a dowry for the Swiss than a quid-pro-quo payment for EU membership.
Iceland's Approves Bank Bill, Averting Diplomatic Crisis [WSJ]