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Deep Freeze Quotes
Deep Freeze: Iceland's Economic Collapse
by
Philipp Bagus47 ratings, 4.06 average rating, 5 reviews
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“(...) By asking for Russian help, Iceland was hoping to shock its former allies into rushing to its defense...
(...) In fact, for many Icelanders, the announcement that the anti-terrorism legislation would be used against them “was tantamount to a declaration of war. At one stroke Britain had placed Iceland on the same level as Al Quaeda, even though it was a fellow NATO partner, and crippled what seemed to Reykjavik to be a healthy bank.”13”
― Deep Freeze: Iceland's Economic Collapse
(...) In fact, for many Icelanders, the announcement that the anti-terrorism legislation would be used against them “was tantamount to a declaration of war. At one stroke Britain had placed Iceland on the same level as Al Quaeda, even though it was a fellow NATO partner, and crippled what seemed to Reykjavik to be a healthy bank.”13”
― Deep Freeze: Iceland's Economic Collapse
“(...) the question still remains: Why did Icelandic banks engage so heavily in this risky practice?
The answer is straightforward. Like banks in other countries, Icelandic banks enjoyed guarantees by the government to bail them out should their bets on the market turn out to have been wrong. But while this guarantee is merely implicitly assumed in most developed economies, the Central Bank of Iceland had committed itself explicitly to providing this function...”
― Deep Freeze: Iceland's Economic Collapse
The answer is straightforward. Like banks in other countries, Icelandic banks enjoyed guarantees by the government to bail them out should their bets on the market turn out to have been wrong. But while this guarantee is merely implicitly assumed in most developed economies, the Central Bank of Iceland had committed itself explicitly to providing this function...”
― Deep Freeze: Iceland's Economic Collapse
