Business News
Angry over finance crisis, Icelanders throw produce
Nov 15, 2008, 16:06 GMT
Reykjavik - Around 6,000 Icelanders protested over the financial crisis Saturday by throwing eggs, tomatoes and toilet paper during a demonstration at the country's parliament, police reported.
The number of people to show up for one protest was unusual for Iceland, which has a total population of 320,000.
Speakers at the demonstration called for the resignation of Prime Minister Geir Haarde and for early elections.
Iceland stands at the brink of bankruptcy after the country's three largest banks collapsed in the fallout from the world financial crisis. The country's citizens now have to deal with an inflation rate of 15 per cent, a prime interest rate of 18 per cent and drastically increased unemployment.
The trigger for the crisis was years of aggressive international expansion by domestic banks using risky credit.
State finances have only been guaranteed through aid from abroad, including assistance from the International Monetary Fund.
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Older Talkback
page: 1
I guess Adam Smith never got to Iceland...
Quoting the article:''Iceland stands at the brink of bankruptcy after the country's three largest banks collapsed in the fallout from the world financial crisis. The country's citizens now have to deal with an inflation rate of 15 per cent, a prime interest rate of 18 per cent and drastically increased unemployment.''
No one should feel smug or safe. The United States is not very far behind Iceland on inflation and interest rates. How Americans react will be a different thing altogether.
page: 1
lanceNov 15th, 2008 - 16:49:29
Throw toilet paper, not jesus-bombs!
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