Wednesday, October 21, 2009

Scotland could join Iceland ???

Eleven reasons why Stewart Hosie’s and the SNP’s erstwhile role-model, Iceland, remains "much-maligned":

1. Its stock market has lost 97 percent of its pre-crash value.
2. 780 companies have “buckled under the weight of foreign currency loans”.
3. Three banks; Kaupthing hf, Landsbanki Islands hf and Glitnir Banki hf have $80 billion in debt, 16 times Iceland's economic production.
4. Its economy will shrink 8.5 percent this year.
5. Consumer prices will climb 11.7 percent
6. Next year its economy is predicted to contract 2 percent, more than any developed nation except for its fellow Arcer of Prosperity, the Republic of Ireland.
7. Unemployment will rise to 8.6 percent this year.
8. 202 construction companies have filed for bankruptcy in the 11 months since the crash
9. The krona's official exchange rate has declined 53 percent against the dollar since Nov. 2, 2007, making it the worst of 175 currencies tracked by Bloomberg.
10. Iceland's benchmark stock index is the world's worst-performing equity index
11. Its central bank has a benchmark rate of 12 percent, the highest in Europe

Yet still the SNP are quoting it as an example to follow; they should perhaps instead listen to Bertie Ahern:
...the former Taoiseach, this week warned that a split from the Union could have dire repercussions for the Scottish economy.
Mr Ahern, who headed the Irish government until last year, said even the most hard-line separatists "may say the cost of carrying that (Scotland’s debt) is too much."

Update 2/11/2009

Bertie's "clarified" his position:

"It took time and commitment over many years to build-up the Irish state into a model of economic success. That achievement vindicated the vision of the patriots of our past and the credit for it lies with the capacity and capabilities of the Irish people.

"I have no doubt that the Scottish people have the same ingenuity and commitment to achieve huge success should they decide to go down the route of full independence."


tony said...

Iceland doesn't have Scotlands resources...............or people.

Ahern is best going back to brown paper bags to find goodies in. As far as him commentating on 'Scotland's debt' Last I heard we were in surplus, perhaps it is Britain's debt he means, part of which we may be forced to shoulder in the future. perhaps we could also get our money back on the dome, olympics and other capital projects that we pay for in England.

O'Neill said...

Not me (still) making the Iceland comparisons which are no more valid now than they were pre-crisis.

You're not arguing surely that Bertie's working on a Unionist agenda? If not, then what was his motivation, other than good neighbourliness, for pointing out the economic pitfalls of independence?

tony said...

"You're not arguing surely that Bertie's working on a Unionist agenda If not, then what was his motivation...?"

Ignorance obviously......... duh!

That is unless you can point to what he is on about.