"RESULTS OF THE SURVEY ARE STARK"

That is a direct quote from the summary of the survey of international banks and other financial institutions with stakes in Iceland taken by the British business law service, Norton Rose.  Here is a more sobering quote from the summary-

Investors see Iceland’s problems as largely of its own making rather than as a direct result of the international financial crisis. Some 86 per cent point to lack of domestic controls, and more than a quarter blame a home-grown financial crisis or simple greed. As one investor says, “The global crisis only revealed what was wrong with Iceland.”

Most respondants to the survey have no faith the the Icelandic government or its institutions, would not invest in Iceland in the near future and, most telling, see no recovery in the country’s financial sector for at least two years.

Well, as my grandpa used to say- "Looks like we are up Shit's creek without a paddle."

 

GTB

Vörumerkið Ísland stórskaddað

Athugasemdir

[Sporðdrekinn, 18.8.2009 kl. 21:45]

".....and more than a quarter blame a home-grown financial crisis or simple greed."

This makes me want to vomit