Iceland
Breaking News: Hekla Erupts (Or Does It: Iceland Met Office Does Not Confirm)
Submitted by Tyler Durden on 04/19/2010 11:30 -0500
Breaking news: The Hekla volcano has erupted.
Count Europe's 2010 GDP a scratch. We expect Katla to complete the trifecta any minute. Iceland's (c)ash revenge will be complete.
Update: Icelandic Met Office says no eruption underway at Hekla volcano according to BNO which reported the original news.
Update 2: It appears the Iceland webcam was pointing at a different volcano according to http://www.aftenposten.no. We will keep you apprised of this situation, although based on seismic readings as we reported earlier, Katla is more at risk for any imminent action
Moody's Projects Inability To Downgrade Greece On Iceland, Threatens Baa3 Rating
Submitted by Tyler Durden on 02/26/2010 10:59 -0500Moody's, whose inability to downgrade Greece has made the late night credit trader comedy circuit, as a dump below A would be the formal start of the real-deal Greek funding crisis, has decided to project its downgrade insecurities on Europe punching bag Iceland instead: just what the brankrupt country needs. In a press release earlier the Moody's experts note "Moody's Investors Service said today that the breakdown in the talks between the governments of Iceland, the United Kingdom and Netherlands to resolve the Icesave dispute puts the Icelandic government's Baa3 rating under downward pressure." In the meantime, we are curious what the new index of Financial Conditions, created by such objective individuals as Goldman's Hatzius, DB's Hooper, ex-FRBNY's "Napoelon" Mishkin, NYU's Kermit Schoenholtz and Princeton's Mark Watson, says about availability of credit in Greece.
Mishkin On Iceland: "Nothing Is F*#&ed Here Dude"
Submitted by Tyler Durden on 10/26/2009 18:25 -0500Now that even Le Big Mac has hightailed it out of Reykjavik, the locals, forever deprived of $0.99 cheeseburgers and anything resembling a stable currency (a good advance look at what the U.S. can look forward to, although at least California makes some happy, Prozacked cows now and then), are at least owed some levity (even if it as their expense). And when one looks for matters dealing with jocularity (and/or gross, flagrant incompetence), one really needs to look no further than the Federal Reserve. In this case, former Fed director Fred Mishkin will suffice, who in May 2006 penned a report titled "Financial Stability In Iceland."
