10-10-2008, 08:05 AM | #22 |
Entmoot Minister of Foreign Affairs
Join Date: Apr 2008
Location: Copenhagen
Posts: 2,145
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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.
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