The Credit Crunch

Coffeehouse · 10-10-2008, 08:05 AM

Seems Europe is going to struggle more than first expected. I wonder what will come of the G7 meeting today.

Actually the Icelandic economy is one of the most open markets in the world. They've really borrowed heavily from the laissez-faire ideal of the United States, and now their paying a price for some extremely irresponsible high-risk taking. Iceland has basically been surfing too high and too fast. Glitnir and Kaupthing have been aggressively pursuing foreign markets, giving out advice all over the place. Now it's really hitting them back. It's too bad the Icelandic people have to suffer for this though.

10-10-2008, 08:05 AM	#22
Coffeehouse Entmoot Minister of Foreign Affairs Join Date: Apr 2008 Location: Copenhagen Posts: 2,145	Seems Europe is going to struggle more than first expected. I wonder what will come of the G7 meeting today. Actually the Icelandic economy is one of the most open markets in the world. They've really borrowed heavily from the laissez-faire ideal of the United States, and now their paying a price for some extremely irresponsible high-risk taking. Iceland has basically been surfing too high and too fast. Glitnir and Kaupthing have been aggressively pursuing foreign markets, giving out advice all over the place. Now it's really hitting them back. It's too bad the Icelandic people have to suffer for this though. __________________ "Well, thief! I smell you and I feel your air. I hear your breath. Come along! Help yourself again, there is plenty and to spare."

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