Monday, September 29, 2008

Iceland: Bailout and Failure

UPDATE: We had to repost. We had Viking Kittens pasted in and couldn't shut it off.

Just a quick roundup.

From MarketWatch:
Stocks in Europe end with second-worst day of 2008

From Credit Writedowns:
European banking collapse including nationalisation of three banks

From The Guardian:
Queen's dressmaker on the brink of collapse

From Bloomberg:
Icelandic Bond Risk Soars After Glitnir Sells Stake (Update3)
Iceland Bails Out Glitnir With EU600 Million Package (Update4)

From FT Alphaville:
Another nationalisation…

The Icelandic government has taken a 75 per cent stake in troubled bank Glitnir.

In ancient Norse mythology, Glitnir (meaning shining) is the beautiful palace where Forseti, the God of justice, peace and truth, holds court.

Observe: a heavenly 5 yr sen CDS spread,


The statement (emphasis ours):Press release

Reykjavik, Iceland 29 September, 2008
* The government of Iceland pays 600 million euros for a 75% share
in Glitnir Bank.

Some of our earlier posts on Iceland:

April 2008
UPDATE: Iceland Shorted by Hedge Funds; Dirty Tricks?

March 2008
Why the heck should I care about Iceland?

March 2008
Iceland in Trouble, Central Bank Raises to 15%

On a lighter note:
Iceland on High Alert
..MARAUDING polar bears could cause terror on Iceland after experts claimed global warming could bring the killer beasts across the sea....

...Climate expert Thor Jakobsson said: "Since two have reached the shore, more could be on the way."

Thor is calling for aerial surveillance of the ice, as well, to protect the Icelandic population:

“Since two bears have already reached the shore, more could be on the way, but there’s no telling whether this trend will continue in the coming years....

Here's "Viking Kittens" set to Led Zepplin's "Immigrant Song"

Ah, ah,
We come from the land of the ice and snow,
from the midnight sun where the hot springs blow.
The hammer of the gods
Will drive our ships to new lands,
To fight the horde, singing and crying:
Valhalla, I am coming!
On we sweep with threshing oar,
Our only goal will be the western shore.