Wednesday, October 8, 2008

Islands Going Bankrupt

The top news story on yahoo when I looked briefly at o'dark 30 this morning was that Iceland might have to file bankruptcy. I wasn't aware that was an option for a country (even if a $700 billion bailout is). When you think of international banks on islands, Grand Cayman is more likely to come to mind. I don't read a lot of financial news, but it seems like all the recent financial crises worldwide are coming as a shock to most of the population (although a subsistence farmer in rural Africa may not care at this point in time). Why?

1 comment:

  1. Yes, the whole situation in Iceland is very frightening. Makes me wonder if tiny countries like Switzerland are safe money safe anywhere these days?



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