Word: crediteers
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...pull together, and Britain, fractious and dissatisfied with its Labour government until recently, has found a fresh foe: Iceland. The tiny country's benign image as a land of geysers and the midnight sun has been swiftly eclipsed by its new incarnation as the mustache-twirling villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which was nationalized on Thursday. After the British government used antiterror legislation...
That comes as something of a surprise to some local councils. There have been warnings since the beginning of the year that all was not well with Iceland's banks. As early as Jan. 30, credit-ratings agency Moody's Investors Service said it was placing on review for possible downgrade Landsbanki, Kaupthing and Glitnir, another Icelandic bank. It did indeed downgrade all three a month later. In July, Kitty Ussher, then Economic Secretary to the Treasury and now a minister in the Department for Work and Pensions, was quizzed by an influential House of Commons committee after newspapers reported...
...cabinet member for finance, says he and his colleagues chose its banks in line with government rules about spreading risk by placing deposits with a range of institutions. Those rules also stipulate that councils should try to obtain as high a return as possible and should always check the credit ratings of the institutions. "At the time of making the deposits [on fixed terms of between 364 days and 2 years], the ratings were good," says Chard. He stresses that the council has no immediate liquidity problems but points out that Ussher made no distinction between private savers and wholesale...
...That process continued on Friday as indexes in Asia and Europe opened trading with breathtaking falls of up to 10%. Though most markets partially rallied to limit losses to single digits, it represented only the most recent in a series of bearish days that threaten to transform a global credit crisis into a global economic crash. Does this make sense...
...pure panic, and the lack of logic involved explains the inability of markets to find new, stable values for stocks," says Deutsche Bank euro-zone economist David Naudé. He concurs with Touati that while the credit crisis and its consequences are grave, the wider economic realities don't merit the dread that is driving market reaction - at least...