Risk Rap

Rapping About a World at Risk

Bankrupt Iceland Goes Fishing

The global economic crisis is serious business. Iceland the small North Atlantic island country of 400,000 is nearly broke. Like the rest of us sub-prime borrowers it seems Iceland over extended its credit line in a buying binge of UK and Russian equities.

To deal with the problem Iceland has nationalized its banks and has closed its equity market until some rationality returns. Though at present the fortunes of this volcanic isle are receding faster then its dwindling climate challenged glaciers it does have a recovery plan. Iceland’s leaders have called for the country to return to its roots as the hub of the North Atlantic fishing industry. Its always a wise move for any corporate entity to return to its center of competency when faced with adversity.

Lets hope that the fishing stocks swimming in the water and the ones listed on the exchange are sufficient to return the islands inhabitants to a well deserved prosperity.

Music Video: Billy Joel Downeaster Alexa

Risk: country default, geo risk, debtor nation

October 13, 2008 Posted by | bankruptsy, credit crisis, economics, pop | , , , , , | Leave a comment