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Coign · 02-24-2009, 10:38 AM

I would hold off moving to Iceland unless you have a large nest egg to spend there because you will not find any economic assistance like finding a job. Sadly Iceland is probably the hardest hit country by the global economy woes.

http://www.forbes.com/2009/01/26/ice...markets35.html

The big reason is because their banking system promoted their citizens to take out loans in other currencies. They would take out a car loan with 50% Icelandic dollars, 25% Euros, and 25% American dollars or some mix like that. When the economy started tanking the difference in varied currency values caused the 25% or 50% portion of the loan to become mis-valued so they would not be able to pay off that Euro loan with Icelandic dollars.

Queue cascading effect and a government that is now in the tank.

02-24-2009, 10:38 AM	#10
Coign Wanted Driver Join Date: Jan 2007 Location: Vail, CO Posts: 279	I would hold off moving to Iceland unless you have a large nest egg to spend there because you will not find any economic assistance like finding a job. Sadly Iceland is probably the hardest hit country by the global economy woes. http://www.forbes.com/2009/01/26/ice...markets35.html The big reason is because their banking system promoted their citizens to take out loans in other currencies. They would take out a car loan with 50% Icelandic dollars, 25% Euros, and 25% American dollars or some mix like that. When the economy started tanking the difference in varied currency values caused the 25% or 50% portion of the loan to become mis-valued so they would not be able to pay off that Euro loan with Icelandic dollars. Queue cascading effect and a government that is now in the tank. __________________ Quoting yourself is the height of hubris. -Coign