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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Saturday 11th October 2008
As the political tension between the UK and Iceland continues to build up the Icelandic government has accused Gordon Brown of wrecking their economy after a dramatic fall in the country’s currency after comments attributed to the UK government. It seems to be the comments that Iceland was ‘affectively’ in default of payments that spooked the markets and led to a run on the currency.
However, in all honesty this looks like a convenient way to try and avoid the consequence for something which in hindsight has been building for a long time. For many years the country of Iceland has been punching above its weight in the financial markets but it now appears that this was all based on a mountain of debt. Currently the government is on the verge of bankruptcy and is rumoured to owe over £30 billion to a variety of third parties and countries.
However, rumours are surfacing again about a possible Russian led bailout which could strengthen the country’s position on the outskirts of Europe. Many now believe that the Russian government will welcome the opportunity to ‘get one over on the UK’ and also create a new partner in the new cold war. |
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