Is this the "biblical proportions" that Willi was talking

[Mosiah]

about?

Iceland on brink of 'national bankruptcy' over bank crisis

Tuesday, 7 October 2008

Iceland's Prime Minister has given a televised speech warning that the country faces possible "national bankruptcy" due to the global financial crisis.

Geir Haarde made the comments last night following a day of panic on stock markets across the world.
Iceland is particular exposed to the financial crisis as its banking sector totally dwarves the rest of the economy.
The situation has led to soaring inflation and a massive fall in the value of the Icelandic krona.
The Government has introduced emergency legislation giving it sweeping new powers over the financial sector in an effort to stave off a total economic collapse.

[Karl]

...bwoy hit luk daak (dark) ebry-weh

[Islandman]

Looks like the entire Iceland financial system was just a big hedge fund leveraged to the extreme.

Them begging Putin a loan and him thinking bout it. Him might ask for half the country in return knowing him!
-----------------------------------------------------------------------

Oct. 7 (Bloomberg) -- Iceland sought a 4 billion-euro ($5.43 billion) loan from Russia, pegged the slumping krona to a basket of currencies and took control of its second-biggest bank to stem a collapse of the financial system.

Central bank Governor David Oddsson said an announcement earlier today in Reykjavik that the Russian loan had been agreed was incorrect and talks were ``ongoing.'' Russian Finance Minister Alexei Kudrin confirmed that ``we have a request from the Icelandic government'' and said Russia's reaction is ``positive.''

The global credit crunch has crippled Iceland's biggest banks, which have racked up foreign debts equivalent to as much as 12 times the size of the economy. The disintegration of the country's banking system compounds investor gloom worldwide following the collapse of firms ranging from Lehman Brothers Inc. to Germany's Hypo Real Estate Holding AG.

``The commercial bank model there has failed,'' said Sunil Kapadia, an economist at UBS Ltd. in London. ``For such a leveraged economy as Iceland, it was clear this was going to happen, but the pace has been surprising.''

Iceland's current account gap swelled to the equivalent of 34 percent of gross domestic product in the second quarter, mainly because of the cost of debt payments.

[Gamma]

HALF? look like yuh nuh know who putin is...him is not "half" anything....