Iceland going bust? (Angus?)

[Nilsen]

One of the problems with the Euro is that it means you have to go to a one size fits all solution: that size is the German and French side - everyone else just has to lump it.

Biggest problem with it is that its not available unless you are a full EU member. Its prolly only a matter of time before we join, but im hoping we can hold off for another couple of decades.

[Marauding Conan]

One of the problems with the Euro is that it means you have to go to a one size fits all solution: that size is the German and French side - everyone else just has to lump it.

Do you know what this means?

[Angus]

Im not very keen on the EU either. Having the Euro _could_  be nice. There are severl issues with joining the EU that i dont like, but having to share more resources *cough* oil *cough* fish is not something i like. We pay enough as it is for beeng part of the EEA.
Im guessing you want more control over your resources too. I know the american government like that fact that we are not a part of the EU and im guessing they feel the same way about Iceland staying out.

Euro = hmm yes at times i feel it would be a good thing
EU beaurocracy = notsomuch

The reasons are the same in Iceland. Fish is our main export and the fishing policy would be shifted to Brusselles.
And there is possibly both oil and gas W of the country.
Then there is the Bureaucracy and on the horizon the birth of the state of Europe.
Regarding currency, there are 11 non-EU members using the Euro, there off 6 without "blessing" from the EU.
There are also many countries using the US dollar. Uncle Sam doesn't bother, on the contrary.

[cpxxx]

Neilsen and Angus, the way you two talk, you'd think being those of us in the EU are living lives of fear, poverty and oppression. Not exactly true. Nor has the Euro resulted in a disastrous economic recession. No the US and it's sub prime crisis, was what did for us. Not to mention Iceland's own government and banking system scuttling itself. As for this idea

IMHO Greenland-Iceland-Faroes-Norway should form their own zone.

Norway would end up spending a lot of money propping up the other three.

I'm not saying you should join the EU now or ever.  But frankly the only reason either of have stayed until now was because you had the advantage of natural resources others don't have. But fishing and aluminium on their own won't sustain Iceland forever, particularly since the banking system imploded. Norway has it's oil among other natural resources, also finite. Both of you are very dependant on single commodities. I would say the Iceland has lost out in gaining offshore investment particularly from America because of it's absence from the EU. We here in Ireland cleaned up on that side of things and that in particular right now is one of the few things keeping us afloat.

Basically joining the EU is almost inevitable in the long run. Iceland I think sooner rather than later. You could probably get a favourable deal on the fishing seeing as it's a vital part of Iceland's economy.

[Marauding Conan]

Neilsen and Angus, the way you two talk, you'd think being those of us in the EU are living lives of fear, poverty and oppression. Not exactly true. Nor has the Euro resulted in a disastrous economic recession. No the US and it's sub prime crisis, was what did for us. Not to mention Iceland's own government and banking system scuttling itself. As for this idea  Norway would end up spending a lot of money propping up the other three.

I'm not saying you should join the EU now or ever.  But frankly the only reason either of have stayed until now was because you had the advantage of natural resources others don't have. But fishing and aluminium on their own won't sustain Iceland forever, particularly since the banking system imploded. Norway has it's oil among other natural resources, also finite. Both of you are very dependant on single commodities. I would say the Iceland has lost out in gaining offshore investment particularly from America because of it's absence from the EU. We here in Ireland cleaned up on that side of things and that in particular right now is one of the few things keeping us afloat.

Basically joining the EU is almost inevitable in the long run. Iceland I think sooner rather than later. You could probably get a favourable deal on the fishing seeing as it's a vital part of Iceland's economy.

Reality check here. Under the present conditions of the Iceland's economy, I don't think Iceland would be accepted into the Euro, even if they were full members of the EU. As the Americans say, that boat has long left the dock.

[Angus]

So do you really think that the EU would sustain us after our resources run dry cpxxx?
The fishing ran bad under Bruxelles, we are however rather stable in the affair. So are the Norse.
Greenland and the Faroes are "in" the EU through Denmark. Despite vast resources they have not been doing so well, and both are tickled by the idea of (more) independence.
Between Greenland and Iceland there is a good chance of oil and gas. In Greenland already there is mining, and increasing as the Glacier retreats.
BTW, we are half-way into the EU. In that deal was the opening that our banks exploited so wildly. Had we been further away from the EU, this would not have happened....

[Marauding Conan]

So do you really think that the EU would sustain us after our resources run dry cpxxx?
The fishing ran bad under Bruxelles, we are however rather stable in the affair. So are the Norse.
Greenland and the Faroes are "in" the EU through Denmark. Despite vast resources they have not been doing so well, and both are tickled by the idea of (more) independence.
Between Greenland and Iceland there is a good chance of oil and gas. In Greenland already there is mining, and increasing as the Glacier retreats.
BTW, we are half-way into the EU. In that deal was the opening that our banks exploited so wildly. Had we been further away from the EU, this would not have happened....

I have to say that the fishing industry in Iceland is well regarded in their management and one can hope that the EU would implement a system like it... fat chance of that happening right now  The collapse of Iceland's banks are not the fault of the EU, it was caused by greed. You should be looking to the CEOs of the banks as well as your own politicians instead of using the EU as a boogieman.

[Ack-Ack]

The Krona is low, so we're turning into a cheap tourist country. I will be selling donkey rides near the airfield  

Make sure you paint the donkey like a zebra.  Tourists love 'em, just ask my brethren south of the US border.




ack-ack

[Angus]

I have to say that the fishing industry in Iceland is well regarded in their management and one can hope that the EU would implement a system like it... fat chance of that happening right now  The collapse of Iceland's banks are not the fault of the EU, it was caused by greed. You should be looking to the CEOs of the banks as well as your own politicians instead of using the EU as a boogieman.

Caused by greed, oh absolutely yes.
Possible by law incorporated with a EU-like contract in 1994.  (Semi 4-freedom)
The UK have a grudge on the Icelandic bank system due to the collapse, and yet not so much. Turned out that the private banks were "insured" by the government, so there is a payback to holders in the UK (And Holland, Germany etc). Icelandic taxpayers will have to split this. Icelandic holders however loose all theirs. I have met people in the last weeks that lost their whole life savings.
So, dibble-dabble with the EU ended there.
The UK lost lots of savings when the biggest American banks flopped. Many times more than needed to dwarf our side. However, AFAIK there will be no claims there.
Now, the EU and our banks...well....Britain pulled a funny card. When the banks started tumbling, they used a legal side to confiscate assets etc under a law pile called "terrorist law". This accelerated everything and managed to collapse the biggest one, which should otherwise have been a survivor.
Small fish should maybe NOT join the sharkpool?
BTW, Conan, where are you from?

[Angus]

News update. Apparently the Brits are freezing. So we send them woolen products
http://news.bbc.co.uk/2/hi/programmes/the_daily_politics/7851365.stm

[Nilsen]

 

[Marauding Conan]

BTW, Conan, where are you from?

I am French, but live in Scotland for the time being.

And I agree about your assestment of the way the British government handled the Iceland's bank collapse... Shameful to say the least. Furthermore, probably the reason they took that position was because the funds came from local councils in the UK. But, I have to ask, why was the UK government different offices using funds collected by taxes to invest for profit... Why didn't they use it for their intended purpose? But, again, that is a discussion for another time.

[Angus]

Ah, in Scotland. (Been there many times, and liked it a lot).
The Brits handled us roughly, and the deal may not all be over yet. However, when it came to British funds (many times as much) being lost in the American banks, there was no such tackling...
It was also the Dutch, and the Germans, so as a result of the crisis, much more Icelanders OPPOSE joining into the EU.
The idea that international/European banking business would bring income to the country was just a dream and will not happen from now. The Aluminum gives currency exchange, but NOT much of an income to the nation, since the firms belong to foreign companies,  -nor do they give a lot of jobs. The fishing is still the true machine of national income. And on the horizon there are oil/gas sources looming. So all in all, the only thing we know about joining the EU is:
1: No EURO for several years, since the country's financial standards will not allow it.
2: Control of resources go abroad.
3: The country must undergo various regulation changes to adapt. It already has done many due to it's contract with the EU, but this is some to add. It did cost quite a bit.
And many little things to add...but EU as a miracle solution, I think not.

[Marauding Conan]

Ah, in Scotland. (Been there many times, and liked it a lot).
The Brits handled us roughly, and the deal may not all be over yet. However, when it came to British funds (many times as much) being lost in the American banks, there was no such tackling...
It was also the Dutch, and the Germans, so as a result of the crisis, much more Icelanders OPPOSE joining into the EU.
The idea that international/European banking business would bring income to the country was just a dream and will not happen from now. The Aluminum gives currency exchange, but NOT much of an income to the nation, since the firms belong to foreign companies,  -nor do they give a lot of jobs. The fishing is still the true machine of national income. And on the horizon there are oil/gas sources looming. So all in all, the only thing we know about joining the EU is:
1: No EURO for several years, since the country's financial standards will not allow it.
2: Control of resources go abroad.
3: The country must undergo various regulation changes to adapt. It already has done many due to it's contract with the EU, but this is some to add. It did cost quite a bit.
And many little things to add...but EU as a miracle solution, I think not.

I could not agree with you more. The EU is not a miracle. In fact, I am as surprised about some of the pro-EU lobby as for the anti-EU lobby. You are right, the damage is done. Joining the EU is not going to solve it, and the Euro is a pipe dream for the time being. But, the comment "control of resources go abroad"... come on, that is typical nationalistic anti-EU nonsense that get thrown about. judging by the size of the Iceland, you guys will probably be recipients of funds instead of the other way around.

As to the fishing industry of Iceland, I can't see why your government would allow EU interferience on it. If you play your cards right and combine forces with the other Scandinavian countries, you could easily force the Spanish and French government back down. It is a long and tedious process but totally doable.

[Nilsen]

There is a reason for the EU beeing so eager to get Norway and Iceland (pre crisis) to join, and its not because they have excess funds that they need to dump on us