Iceland crisis


Panic at banking counters???
October 20, 2008, 12:14 am
Filed under: banks, Iceland, Uncategorized | Tags: ,

Spiegel tells about bank desperation in Iceland.

This sounds like the story that first started when Glitnir bank was taken over by the national bank. Then I read story about many people waiting in line to get their money. But there was no line, no panic.

The same thing is going on right now. There is no panic.

The central government has guaranteed all deposits, like most countries around Iceland.

The only real problem is that Iceland is the country around the world, that is closest to have only electric payment, with 80-90% of all payments done electrically. When people come in lines to collect their money on paper there is lack of currency. That is the reason for it takes some time to get more currency and moving from the electric payment mode, back to paper.

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