Icelandic problem hits Guernsey
For so long the quiet back water where the rich and famous moved to it seems as though the financial heartache being felt around worldwide markets has hit Guernsey. It has been confirmed that those who held money with and Icelandic banks will only receive a maximum of 30% in compensation with some expected to receive nothing. So has the bubble burst on Guernsey? Is this now the end of the venue for the rich and famous?
No matter where you are in the world, no matter how protected your economy may look, it just takes an event on the other side of the world to change the situation overnight. While there is no chance of the Guernsey economy collapsing it has emphasised that it is not insulated from the rough and tumble of the worldwide financial markets and there is no magic wand they can wave to make it all go away.
When we look back at this ongoing economic downturn we might just appreciate the unprecedented scale of the event and impact which it has had on the world. It is also the slow drip feed impact on economies across the world which is now becoming more and more visible, like a line of dominos when one has been knocked over.
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