Times are "Haarde" Iceland to all intentional purposes is bankrupt, as its major financial institutions crashed owing billions. The United Kingdom acted swiftly to protect its British depositors, by freezing the assets of major Icelandic companies trading in the United Kingdom. It would appear that the frozen funds equate with the money owed to the British depositors. The Icelandic State, and Herr Haarde were not amused, but can hardly complain when such reckless behaviour by such institutions has led to the current implosion of massive debt. Since its independence gained from initially Norway, and then Denmark Iceland has gone its own way, with the imposition of a 200 mile anti-cod fishing zone which led to confrontation with the British navy and trawler men. During WWII Iceland actually strove for neutrality, but was eventually 'occupied' by both British American forces. In the 1990 s she moved her financial operations out into Europe, as she then had a large surplus arising from the military bases using her island. She was able to lend money at good rates as well as borrow accordingly. However, like other world trading centres other than Hong Kong and Beijing she went into overspend on a massive scale, and her ratio of funds to debt broke all historical boundaries. As England under the tutorage of a Scottish parliamentary Cabal takes large stakes in several of the country's major banks, Iceland will appreciate that England means business. Capitalist , and not nationalisation, as we once knew it. Steadily the British government is taking major stakes in the country's major financial institutions, as it seeks to stabilise the money markets in terms of both lending and mortgages. Effectively the British government is in control of the mortgage debt. If Iceland could harness its enormous electricity surplus power and export it, then problems would end over night. Given the precarious state of the energy market in Europe. Clearly, Iceland must reinvent itself and try to stabilise her high standard of living alongside of more stringent domestic economies of scale. Her money muscle has taken a "Haarde" knock. After all the bucks stops outside his door, as an elected president of a republic. My bottom line fear is that The Great White Bear might likewise find herself in trouble given her own special kind of capitalism in which several hundred businessmen made fortunes out of the end of communism, as we once knew it. Will the likes of Roman Abramovich take a Haarde knock in his financial empire. If so, then tremors will reverberate throughout the business world, and not more so than at such football clubs as Chelsea and Moscow Dynamo. We are not out of the woods yet ! Editor. Blue Saluki.
Since, this title was founded in 1976, the editor has always had a close affinity with the Anglo-Nordic financial institutions in The City, or what the editor [ Geoffrey Dixon-Hamilton ] calls The Golden Mile. Indeed, several extended in-depth profiles were published, with one edition entirely centred on Nordic banks, which had opened branch offices in London e.g. Scandinaviska Bank, Jyske Bank, Fenno bank, Gotabanken. Many others followed, and the editor travelled the world to meet at first hand, those senior managers, who ran these high profile banks. Missions included Singapore, Hong Kong, USA, and all of the Nordic country's capitals as well as Germany's Berlin, Frankfurt. The editor, also, attended numerous Nordic banking conferences ( Iceland, Ireland, London ). In promoting two-way Anglo-Nordic trade banking facilities are a vital tool in that promotion, so news and special articles / profiles form the basis of this section of the web title. © G. E. Dixon-Hamilton Fil. stud. ( Univ. Gothernburg / DGI ( Stocholm '67 ) PP & T G. 7.7.2009.