Too Small To Save

Argentina received its loan from the IMF because it was considered "too big to fail." It owed a lot of money to a lot of people.  Those creditors pressured their governments and their governments pressured the IMF to give the loans so they could be paid. They never got paid because Argentina knew everyone else knew it was "too big to fail" and could play that angle. 

Icesave is not the real problem here.  Or the refinancing of the banks. Or the cutting of social services. Or any other reason the IMF dreams up to stop the loan payment.  The real honest, disgusting truth is that the IMF, the EU, Iceland's Nordic "friends" and everyone else don't give a shit what happens to Iceland.  There is not enough debt owed to major creditors with political pull or assets to steal to make Iceland worth anything to anyone involved.  There are no foreigners other than a few British and Dutch savers who are going to gain from the bailout . And there are no "hitmen" salivating at the thought of Iceland selling state assets. 

It is either pony up and pay the debt or try to go it alone. No middle road, no compromise.  There is nothing to negotiate with. Iceland is simply to small to be saved.

GTB

Vonast eftir láni í lok ágúst

Athugasemdir

[Páll Blöndal, 31.7.2009 kl. 01:15]

I think you are absolutly right

[GRÆNA LOPPAN, 31.7.2009 kl. 01:17]

Funny how a Socialist (DSK) tries to hunt down a left government, isn't that it ? The aluminium sharks are playing a dangerous game. What is the risk ? They'll end up making themselves unpopular.

[Gregg Thomas Batson, 31.7.2009 kl. 01:26]

Páll,

Thanks,

Hanna Steinunn,

Like my Dad always tells me, "What's the name of the game?"- "Money."

GTB

[GRÆNA LOPPAN, 31.7.2009 kl. 01:40]

Yeb, a hunting game, all about natural ressources.