Iceland is now out of debt

Walnutcracker

Just came across this and can't seem to find anything else about it in the media strangely enough

http://www.irishtimes.com/newspaper/finance/2011/0611/1224298736664.html

For the mobile users -

ICELAND RETURNED to international debt markets for the first time since its banking meltdown more than two years ago as investors offered to buy twice the amount the government offered in dollar-denominated bonds.

“This transaction is an important milestone for Iceland,” finance minister Steingrimur J Sigfusson said in a statement on the government’s website yesterday. “Iceland has set a benchmark in the market which should over time facilitate capital market access for other Icelandic issuers.”

Iceland, which averted a sovereign default by refusing to bail out bondholders when its banks failed in October 2008, will enjoy economic growth of 2.2 per cent this year and 2.9 per cent in 2012 as its budget deficit narrows to 1.4 per cent of gross domestic product, according to the Organisation for Economic Co-operation and Development.

The island’s approach to resurrecting itself from financial ruin has won the praise of Nobel laureate Paul Krugman, who says Iceland is now better off than euro member Ireland.

“Iceland doesn’t have a lot of private debt anymore and has done a lot on the fiscal side,” said Lars Christensen, chief analyst at Danske Bank in Copenhagen, in a phone interview yesterday. “The Icelandic fundamentals on the debt side now are actually quite strong. That’s a fact.”

The $1 billion bond sale was twice oversubscribed, according to the ministry. The debt is due in 2016 and carries a fixed rate 4.993 per cent semi-annual yield. The sale followed a six-day roadshow in Europe and the US.

Barclays Capital, Citigroup and UBS managed the sale.

“The issue comes at a time where global market sentiment is not particularly good due to the European debt crisis,” said Mr Christensen, who in early 2006 predicted Iceland would suffer a recession.

“If you look at the pricing of Iceland’s bonds and compare it to other European countries with similar debt levels as Iceland, to me the yield on the bonds looks pretty attractive.”

Iceland has about €454 million in eurobonds due this year and next, the central bank said last month. That compares with foreign reserves of 759 billion krona (€4.61 billion) in April.

Credit default swaps on Iceland’s debt eased more than 20 per cent since the end of April through June 7th, as investors bet the island faces a lower risk of default than euro members Spain, Portugal, Greece and Ireland. – (Bloomberg)

7sr2z3fely84g5

We have turned a corner..

charlemont

Fair play to them, Im sure they are laughing at this country, Right too.

oppenheimer1

Walnutcracker wrote: »

Just came across this and can't seem to find anything else about it in the media strangely enough

http://www.irishtimes.com/newspaper/finance/2011/0611/1224298736664.html

The court case involving the UK and Netherlands over the €3 or €4bn they owe them but decided not to pay has yet to be sorted out. This is the calm before the storm... The government made a promise that it refused to keep, it has yet to pay for that.

Vicxas

Well at least Ireland is on the right track...

iamwhoiam

charlemont wrote: »

Fair play to them, Im sure they are laughing at this country, Right too.

I am sure the people who lost their savings in their banks arent laughing .

Duckworth_Luas

Yeah, well at least we're not stuck on a damp, windy rock in the North Atlantic!

Zebra3

But sure Inda said yesterday we're doing great. :rolleyes:

Pity him and Gilmore (once an attendee at World Commie Youth gathering in Havana) didn't have the bottle to bring it up with the Americans recently about why the Irish taxpayer is footing a bill of €20billion that's not ours.

http://www.independent.ie/opinion/columnists/gene-kerrigan/gene-kerrigan-were-shamed-by-conspiracy-of-silence-2800010.html

****ing cowards. :mad:

sheesh

Duckworth_Luas wrote: »

Yeah, well at least we're not stuck on a damp, windy rock in the North Atlantic!

correction: frozen windy rock in the north atlantic, covered in volcanos.

shows the advantages of having your own currency I suppose.

this is what David McWilliams said what the Irish should do just let the banks fail and let the bond holders go to hell. once the fundmentals of the economy were good you will have no problem getting people to loan you money.

What the Government have been saying is that if we default it would cost us more in the long run it was sort of implied that people lend money to countries would hold it against us. this has now shown to be wrong.

feck it!:mad:

iPlop

Icelands finance minister was on prime time recently and said that there's little or no chance of them joining the euro now.He said the reason they've turned the corner is because they didn't join the euro, if they did, they would've had to seek a bail out from the EU/IMF.

There were also a lot of other things he said but the meat and potatoes of it were "because we didn't join the euro"

Teagan Ancient Looter

Teagan Ancient Looter wrote: »

We have turned a corner..

Yes we did, but Iceland turned off in the other direction. :pac:

bonerm

Teagan Ancient Looter wrote: »

We have turned a corner..

Brian Clowan should put that on his tombstone.

       Brian Clowan
        1960-2015
We have turned a corner

orourkeda

Go team Iceland

Mr Benevolent

Duckworth_Luas wrote: »

Yeah, well at least we're not stuck on a damp, windy rock in the North Atlantic!

Wait a second...

RichieC

Did they do what we are doing or the complete opposite?

Ghandee

Duckworth_Luas wrote: »

Yeah, well at least we're not stuck on a damp, windy rock in the North Atlantic!

(yes we are!)

bonerm

RichieC wrote: »

Did they do what we are doing or the complete opposite?

Well they're out of debt now so, given our government(s), I'm guessing 'the opposite'.

Oranage2

Iceland have some real economical geniuses.

who would have thought the way to get out of debt is to not take on more debt called a 'bailout'.

sock puppet

Um OP I've a feeling you don't understand what "out of debt" means.

Saila

RichieC wrote: »

Did they do what we are doing or the complete opposite?

well they actually own their own country so the questions a non starter really

df1985

what happened to peoples money in their banks though??

Son Of A Vidic

Duckworth_Luas wrote: »

Yeah, well at least we're not stuck on a damp, windy rock in the North Atlantic!

The irony is strong with this one.

sollar

charlemont wrote: »

Fair play to them, Im sure they are laughing at this country, Right too.

And some in this country were smugly joking about them in 08.

cloudydsound

something something kerry katona something

Mr. Rager

Anyone else think for a second that this thread read, "Ireland is now out of debt" :eek:

Iceland did not use the Euro so they can print money, Ireland cannot.

Duckworth_Luas

Corvus Maximus wrote: »

The irony is strong with this one.

Thanks Captain Obvious!

Kev_ps3

Well we elected dumb traitorous politicians to destroy this country, we have no one to blame but ourselves. Enjoy your own mess.

Chuck Stone

Zebra3 wrote: »

But sure Inda said yesterday we're doing great. :rolleyes:

Pity him and Gilmore (once an attendee at World Commie Youth gathering in Havana) didn't have the bottle to bring it up with the Americans recently about why the Irish taxpayer is footing a bill of €20billion that's not ours.

http://www.independent.ie/opinion/columnists/gene-kerrigan/gene-kerrigan-were-shamed-by-conspiracy-of-silence-2800010.html

****ing cowards. :mad:

Kinda sums it up.

****ing cowards is right.

That piece deserves it's own thread.

They've turned us into debts slaves for debts that aren't ours. Capitalism ny bollocks.




.

losthorizon

Duckworth_Luas wrote: »

Yeah, well at least we're not stuck on a damp, windy rock in the North Atlantic!

Er yes, yes we are!

Dave!

Please buy one of these

pragmatic1

df1985 wrote: »

what happened to peoples money in their banks though??

As far as I know they transfered peoples savings to two new banks which they were able to create because they had proper banking regulation in the first place. Something we didnt have.

Dyr

Who would have thought that it would be in a countrys best interest to retain control of its own finances?

As a country we did something that would be consider idiotic if we did it in our private lives. Bravo.

Augmerson

Zebra3 wrote: »

But sure Inda said yesterday we're doing great. :rolleyes:

Pity him and Gilmore (once an attendee at World Commie Youth gathering in Havana) didn't have the bottle to bring it up with the Americans recently about why the Irish taxpayer is footing a bill of €20billion that's not ours.

http://www.independent.ie/opinion/columnists/gene-kerrigan/gene-kerrigan-were-shamed-by-conspiracy-of-silence-2800010.html

****ing cowards. :mad:

Why don't you put that to Brian Lenihan and Brian Cowen? Those were the people steering the ship when we hit the Iceberg. You might have to do a seance with Lenihan but I'm sure Cowen is still kicking around. Maybe the real question is not why Gilmore and "Inda" haven't asked about it, but why Cowen, Lenihan and those FF/Green ****tards let it happen?

And your link from the Indo - which is a rag - is an article written by Gene Kerrigan? Good lord. Do you not have an opinion of your own? :rolleyes:

airyChinesekid

Iceland is now out of debt

thats why mums go to iceland.


hat, jacket, good day to you

Chuck Stone

Augmerson wrote: »

Why don't you put that to Brian Lenihan and Brian Cowen? Those were the people steering the ship when we hit the Iceberg. You might have to do a seance with Lenihan but I'm sure Cowen is still kicking around. Maybe the real question is not why Gilmore and "Inda" haven't asked about it, but why Cowen, Lenihan and those FF/Green ****tards let it happen?

Because they're politicians. I couldn't give a fuck which party they're from. This is how they pull this **** on us. They separarte us into 'us-and-them' and get us to fight about the colour of shit instead of focussing on the wrong.

Seriously, tribalising it is not helpful.

And your link from the Indo - which is a rag - is an article written by Gene Kerrigan? Good lord.

So what? The piece is about what Morgan Kelly said. And he seems to be pretty much on the ball.

Do you not have an opinion of your own? :rolleyes:

I guess you travel the planet witnessing world events so you don't have your opinions contaminated by intermediaries. :rolleyes:

Chuck Stone

losthorizon wrote: »

Er yes, yes we are!

WHOOOOOOSSSSSHHHHHH.







Straight over your head my friend.

Zebra3

Augmerson wrote: »

And your link from the Indo - which is a rag - is an article written by Gene Kerrigan? Good lord. Do you not have an opinion of your own? :rolleyes:

Are you saying the facts in Kerrigan's article are wrong? If so, please list them.

You sound like some desperate FG or Labour supporter trying to shift attention from their part in this shameful financial raping of the taxpayer.

later12

Iceland is not out of debt.

And Iceland is not out of the woods - they have returned to the markets ton borrow more money, but they still have not approached their banking problems, and problems regarding private debt, in a credible way. If Ireland achieves a rate reduction on its debt, it will be paying similar to what Iceland now pays on its debt.

How many Irish people emigrate to Iceland, or would emigrate there in the near future?

mgmt

Michael White Desktop wrote: »

Iceland did not use the Euro so they can print money, Ireland cannot.

We are effectively printing money. The ECB is funding our banking system and they will likely (hopefully) get a sizable haircut in the near future.

Also, Iceland is the population size of Blanchardstown. How many emigrated to Denmark?

Augmerson

Chuck Stone wrote: »

Because they're politicians. I couldn't give a fuck which party they're from. This is how they pull this **** on us. They separarte us into 'us-and-them' and get us to fight about the colour of shit instead of focussing on the wrong.

Seriously, tribalising it is not helpful.



So what? The piece is about what Morgan Kelly said. And he seems to be pretty much on the ball.



I guess you travel the planet witnessing world events so you don't have your opinions contaminated by intermediaries. :rolleyes:

Well I'd maybe read what Morgan Kelly had to say in the first place, not what some muppet like Kerrigan from the Rag thought about it and then decided to spin it against the current shower.

Don't get me wrong, none of the politicians in power currently have my support or faith, but they were not the ones who gave the ship the current heading it now has. Here is stone cold reality about their silence - it is not in our best interests to be asking the Americans why they ****ed us over when we are trying desperately to attract inward investment from American companies. It hurts but the truth is America is not our friend*, America does not have friends, only interests. We are in no position to even ask them why.

Kerrigan would rather berate "Inda" and Gilmore rather than face the truth that there was **** all done by Cowen and Lenihan.

* That is to say the American Gov't, the American people I would say are our friends.

IngazZagni

Iceland is nowhere near high and dry. I'd advise all the "we should have done what they did" folks to take a closer look. Currency is one reason they took the step they did. Also thousands lost their savings in Icelandic banks. Their borrowings of billions of euro from the UK and Netherlands is still is up in the air. This will go to international courts and I can't see them getting away high and dry with this. As another poster mentioned, it is merely the calm before the storm.

Cill Dara Abu

To make yourself feel good replace the C with a an R.

ejmaztec

I expect Greece will be the next to announce that they're out of debt.

A week after they get a new shipment of Tippex

Ghandee

Rill Dara Abu wrote: »

To make yourself feel good replace the C with a an R.

ilovesleep

oppenheimer1 wrote: »

The court case involving the UK and Netherlands over the €3 or €4bn they owe them but decided not to pay has yet to be sorted out. This is the calm before the storm... The government made a promise that it refused to keep, it has yet to pay for that.

Is 3 or 4 billion all of their debt. Its not all that much compared to what we have been lumped with.

Zebra3

So while the EU tells Ireland to tighten its belt (which really means let poor people die on hospital trolleys), this is what the European elite are up to...

http://www.guardian.co.uk/world/2011/jun/24/david-cameron-brochure-eu-bulding

ilovesleep

Zebra3 wrote: »

So while the EU tells Ireland to tighten its belt (which really means let poor people die on hospital trolleys), this is what the European elite are up to...

http://www.guardian.co.uk/world/2011/jun/24/david-cameron-brochure-eu-bulding

What does that say for mobile users

Killer Pigeon

ilovesleep wrote: »

What does that say for mobile users

Mobile users:

David Cameron enraged by brochure showcasing £270m EU building

Booklet was distributed to EU leaders as they sat down to dinner at a Brussels summit on Thursday evening


David Cameron seized on an opportunity to voice "immense frustration" at the lavish spending of the Brussels elite after being handed a glossy brochure promoting the European council's soon to be finished €300m (£270m) headquarters.
The brochure was distributed to EU leaders as they sat down to dinner at a Brussels summit on Thursday evening, with Europe facing one of the gravest crises in memory amid predictions of the breakdown of Greece and the potential death of the euro single currency.
Herman Van Rompuy of Belgium, the European council president, opened the dinner by passing round the booklet. A lavish, eco-friendly glass and steel construction which will function as a glowing lantern after dark, the Europa Building will house Van Rompuy's offices and will be the venue for the summits after its completion in 2014.
With the EU ordering Greece to cut billions in public spending and undertake a €50bn privatisation round, while itself struggling to generate a €100bn bailout fund to save the country, Van Rompuy's brochure met with strong criticism. "The prime minister didn't think this was very well-judged," said a Downing Street source. "Taxpayers won't thank us for reminding them how much it costs."
The Downing Street entourage ensured that the pictures were made available to the British media, amid expressions of outrage from government sources.
At the press conference after attending his seventh EU summit, Cameron said: "I'm a practical, positive person. But when you see a document being circulated with a great glossy brochure about some great new building for the European council to sit in, it is immensely frustrating.
"You do wonder whether these institutions actually get what every country, what every member of the public, is having to go through as we cut budgets and try to make our finances add up."
An aide to Van Rompuy was unapologetic. "This was decided years ago, before the crisis. It will cost more now to cancel than to complete. It's good value."
Cameron said he found the current summit venue adequate: "I've only been to this building seven times in the last year, but it seems to do a perfectly good job of housing the European council."
He conceded that there was little prospect of halting the project – the contracts were awarded in 2005 – but said it should proceed with "economy and efficiency". He said the European commission and the European institutions had to demonstrate greater frugality. "Our voters, our constituents, our publics want to see us saving, not spending, money."
In Brussels it is already clear that cutting the cost of the EU will be the central campaign of Cameron's EU policy in the years ahead.
The prime minister emphasised the point by announcing that Sir John Cunliffe, his official civil servant adviser on Europe, and the architect of the "five tests" used in 1997 by Gordon Brown when chancellor to keep Tony Blair from taking Britain into the euro, would be the UK ambassador to the EU from January. "The prime minister wanted to make sure that a hard Treasury man was coming over to negotiate" the seven-year EU budget, an official said.
The commission in Brussels outlines its 2014-2020 budget proposals next week, signalling the start of an 18-month battle over rebates, farm spending and tax-raising powers. Cunliffe, said Cameron, is "a hugely accomplished civil servant with a great grasp of European issues".

IngazZagni

ilovesleep wrote: »

Is 3 or 4 billion all of their debt. Its not all that much compared to what we have been lumped with.

Put it in context. Iceland's population is 318,000 or so. 3.5 billion there would be the equivalent of 50 billion here. Rough figures of course based on 3.5b.