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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: dvdw© who wrote (41776)	10/24/2008 8:54:06 AM
From: dybdahl	Read Replies (1) \| Respond to of 220338

Sorry, but your posts are very difficult to understand. If you're not debating me, whose ego are you talking about? What is a polisci? If I have mentioned anything that does not make you think about the decision making process that influences markets, please ignore those parts of the posts, because then it is being read in a different way than it was intended.

To: dvdw© who wrote (41776)	10/24/2008 4:50:47 PM
From: elmatador	1 Recommendation Respond to of 220338

Anantomy of a fleecing see the title: "IMF Brings Hope To Iceland" Iceland's troubles are far from over, as its economy is set to contract by as much as 10.0% next year. But on Friday it got a boost, announcing it had reached a tentative agreement with the International Monetary Fund for a $2.0 billion rescue package. The IMF also makes it more likely that other countries, such as Russia, could help Iceland get back on its feet through a loan. Iceland said the $2.0 billion loan would be spread over two years, enabling the country to "secure funding and gain access to the necessary technical expertise" to stabilize the currency and "provide support for the development of a healthier financial system." Prime Minister Geir Haarde told Forbes.com that they were happy with the agreement reached. "The IMF is not making conditions about any structural changes in our economy but instead focusing on the immediate problems at hand. There are no unacceptable conditions." He added that the country was on the verge of securing further loans. "We have made contact with the four Nordic countries as well as the European Central Bank and the U.S. Federal Reserve. In addition, I expect our talks with Russia to continue and some other countries like Japan have indicated their willingness to take part in these effort, he said on Friday. According to David Powell, an analyst at the Bank of America, the level of funding was likely to be adequate for Iceland, provided they maintained the current capital controls they have put in place by controlling exchanges on the currency. After plummeting nearly 50.0% in the past 12 months, trading of the Icelandic krona effectively halted on Oct. 6. From an intraday high on that day of 173.00 krona to the euro, it now stands at 152.00. (This figure is not from market trading but based on figures provided by Icelandic banks in the country.) Powell added that the IMF deal made it more palatable for other countries--which might have been reluctant to come to Iceland's rescue--to follow suit. "The IMF has gone in and essentially given the market its seal of approval and said that with help, it could be on the road to recovery," he told Forbes.com. Representatives of International Monetary Fund has in Reykjavik over the past two weeks, after the freezing up of credit markets, brought the country's economy to its knees. The government is forecasting the economy to contract by 10.0% next year, as part of a two-year recession, while inflation won't drop below 4.5%. Though the IMF deal is a positive, it will take a while before the country is back on track. Though the government says it wants to ease the restrictions on the currency, Powell says it's realistically going to be a year at least and possibly longer before they are able to do so. The OMX Iceland 15 index of shares closed down 2.1%, or 13.95 points, at 658.53 points, on Friday.