Iceland crisis

Shockingly high interest rate!
October 28, 2008, 2:57 pm
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The Central Bank of Iceland has now issued new interest rate of 18 percent. For Icelandic economy this might mean further troubles for businesses which are already in trouble because of high dept, partly because of foreign dept and currency crisis.

The Central Bank of Iceland’s surprise six percent interest rate raise this morning to 18 percent is part of the deal agreed with the International Monetary Fund (IMF). According to chairman of the Central Bank, David Oddsson in a press conference this morning, raising interest rates is a sensible action to take at this time.


British might miss Fish and Chips
October 28, 2008, 2:53 pm
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Bad weather in Iceland
October 24, 2008, 10:27 am
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Yesterday our international air port (Keflavik) was closed due to bad weather.  Air planes were diverted to Akureyri (in north) and Egilsstadir (in East).

Now the weater is getting back to normal, and plains are coming back to the Keflavik airport.

The Manchester schoolchildren, along with other passengers from the airplanes from London and Dublin, were supplied with blankets and pillows and overnighted at Akureyri Airport. They will be flown to Reykjavik this morning, where the planned part of their Iceland adventure can commence.
Two jets from Copenhagen had to land at Egilsstadir in the eastern part of Iceland where similar provisions were made

Iceland best place for press freedom
October 23, 2008, 1:42 pm
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cameraThe international journalists’ body, Reporters Sans Frontieres has published its annual report on global press freedom, The Guardian reports.

Iceland, Luxembourg and Norway jointly top the list of 173 countries, which takes into account different factors including freedom of speech, treatment of journalists and media ownership.

Terrorism laws can be abused to stifle dissent: UN rights expert
October 23, 2008, 10:17 am
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Britain’s use of anti-terror laws to freeze the assets of failing Icelandic banks shows how such legislation can be abused for purposes other than originally intended, according to a UN independent expert.

“It is indicative of the risks that measures that are originally inserted into legislation in the name of fighting terrorism may have a spillover effect into matters which have nothing to do with terrorism,” said Martin Scheinin, the United Nations’ special rapporteur on the protection of human rights in the fight against terrorism.

Iceland Could Gain Quick EU Entry
October 21, 2008, 3:52 pm
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Iceland could get on the fast track to EU membership if it so desires, EU Enlargment Commissioner Olli Rehn said Monday. Iceland is considering joining the bloc to shore up its battered economy.

Iceland’s Kaupthing misses coupon payment on Samurai
October 21, 2008, 3:50 pm
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As of Tuesday, Kaupthing had not paid investors the coupon on its 50 billion yen ($491 million) Samurai bond issued in 2006, according to Sumitomo Mitsui Banking Corp, the fiscal agent for the samurai bond.