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This time around, the government and the banks are doing everything they can to dismantle the caricature of Iceland as a victim of its own excess, and instead portray it as the target of a financial conspiracy. Prime Minister Haarde has accused international hedge funds of deliberately spreading rumors to create a banking scare, so they could profit by "hook or crook" from wagers that the currency or stocks would tumble. In April, Iceland's Financial Supervisory Authority launched an investigation into an unconfirmed story that back in January, hedge-fund managers had hatched a plan to bet against...
Iceland gets some support for its conspiracy theory from Richard Portes, an economist at the London Business School. In March, after he published a favorable report on Iceland's economy, Portes says a senior figure at a major hedge fund phoned him. "He spent half an hour trying to tell me the Icelandic banks were in terrible shape and that the country was a disaster area," he recalls. "Apparently I was risking my reputation by saying anything different." But not everyone responds to Iceland's plight with sympathy. Eileen Zhang, an Iceland expert at ratings agency Standard and Poor...
...banks in Denmark, Norway and the U.K., as well as British retailers like House of Fraser and Moss Bros. They amassed foreign assets equivalent to 800% of the nation's GDP, the highest ratio of any country in the world. Meanwhile, their dependence on global capital markets to fund this shopping spree left the banks vulnerable to the whims of investors. By early 2008, the combination of a risk-averse global financial climate and possible speculative attacks on the krona meant that Iceland could no longer run itself like a hedge fund. Says Paul Rawkins, an analyst at Fitch Ratings...
Today, Pisani finds that fund raisers, donors and government officials remain hesitant to discuss the nitty-gritty details of AIDS transmission - details of sharing needles, gay cruising and the sex trade. Pisani's book lays out the relevant science. It explains, for example, why regular sex with the same five partners is riskier than 10 successive monogamous relationships, and why sharing needles is more dangerous than almost any kind of sexual activity...
...work in support of the Millennium Development Goals, the foundation will use its funds-it aims to build up a war chest of several hundred million dollars-to work with others active in the developing world. Rick Warren's Saddleback Church, for example, uses church-based clinics to provide basic health care in Africa. (Warren will serve on the foundation's advisory board.) I spoke by phone recently to Ari Johnson, 25, a Harvard medical student now working in Mali, West Africa, with Project Muso Ladamunen, a small Washington-based organization, who made Blair's point...