On David and mini-Goliath, surprises of Iceland’s bail out

Hobbes, if it weren’t enough humiliation for bankrupt Iceland, the media reports that the country finally got their national financial $5.1bn bail out.

Here we have a pull of the usual suspects, International Monetary Fund, Scandinavian cousins Denmark, Finland, Norway, Sweden; not so usual suspects as Russia and Poland and an unlikely suspect, the Faroe Islands.

I have been digging with no success. I wondered how an autonomous province of the Kingdom of Denmark with a GDP of $1.7bn (or what Philip Falcone made last year) can support financially a country with an economy 11.7 times larger than his own (20bn GDP). Did they lend them a few millions? Low 100s? High 50s? Was that a private investor? A Wealthy Iceland expat living in Tórshavn? (Faroe Islands’ capital, you see, I’ve done my homework).

Who knows.

.calvin

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