So in answer to my previous post How long can the IMF afford to wait? the answer appears to be two weeks.
On a related note, my brother is convinced he invented the credit crunch joke:
"The capital city of Ireland has been renamed from Dublin to Halving" [due to Ireland's technical recession]
a reference to the previous joke of "Ireland having Europe's fastest growing city - its doubling every year"
omg
Showing posts with label IMF. Show all posts
Showing posts with label IMF. Show all posts
Monday, October 20, 2008
Monday, October 6, 2008
How long can the IMF afford to wait?
GDP: $20billon
Banking Debt: $120billion
Population: 304,367
Banking debt/person: ~$400,000
Outcome: Iceland either lets the banks fail, or it takes on a massive national debt and promptly defaults, or its trading partners are going to have to allow it to deflate its debt (of course I'm sure that the Netherlands, Germany, UK and USA have lots of spare cash)
not a great set of options...
the question is: can other countries remain solvent? and how long before the IMF has to start propping up countries? of course since they sold most the gold they will have to use.... (wait for it) US government and corporate bonds. Truth is stranger than fiction.
Banking Debt: $120billion
Population: 304,367
Banking debt/person: ~$400,000
Outcome: Iceland either lets the banks fail, or it takes on a massive national debt and promptly defaults, or its trading partners are going to have to allow it to deflate its debt (of course I'm sure that the Netherlands, Germany, UK and USA have lots of spare cash)
not a great set of options...
the question is: can other countries remain solvent? and how long before the IMF has to start propping up countries? of course since they sold most the gold they will have to use.... (wait for it) US government and corporate bonds. Truth is stranger than fiction.
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