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Thursday 9th October 2008
It has been announced that Gordon Brown is on the verge of consider a freeze on Icelandic company assets in the UK unless UK assets deposited with Icelandic banks are returned by the Iceland government. In a controversial move, which would probably go against all EU regulations on the matter, it seems that the UK is on the verge of playing tough.
However, when you consider there is in excess of £700 million at stake the government has every reason to try and force the matter. Quite how the Icelandic government will take it remains to be seen because let us not forget that this a country with a population of just of 300,000 and many business people who depend on countries such as the UK.
If we were to follow through with a freeze of Icelandic company assets in the UK this has every chance of blowing into a full scale diplomatic issue with Russia very much lined up with Iceland and said to have offered multi-billion dollar loans to the country. If Russia was to in affect fund the Icelandic government that would be a whole different ball game and one we would not like to experience. |
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