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Old 14.10.2008, 09:27
Shorrick Mk2 Shorrick Mk2 is offline
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Re: How Safe is UBS

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No the Russian didn't ask for a base for the lown. But many fear that they want "nothing" for this loan... I quote one Norwegian from another forum...

What happened was change reaction and the bad side of globalization...
-Banks growing to fast and not enough controlled by government
-Richer gets richer, public ... stay public...
-Bank crises, one of the 3 biggest banks in Iceland, Glitnir, got in trouble, government said they would buy 75% of the bank
-With these new, loners of Glitnir got afraid, stopped money flow to Glitnir -> Glitnir goes bankrupt
-Basicly everythings goes nuts... Landsbanki also gets bankrupt and Kaupthing is struggeling but get help from the government to survive
-Brown/Darling go crazy thowards Iceland and Icesave
-Kaupthing gets bankrupt
-Icelanders are broke...
Let me correct your timeline there for a minute:


1) loaners to Glitnir got afraid, stopped money flow to Glitnir (but not only to Glitnir, this is not a personal matter as you seem to make it).

2) Glitnir, got in trouble, government said they would buy 75% of the bank.

3) "Brown/Darling go crazy thowards Iceland and Icesave" is irrelevant - Kaupthing would have gone broke all the same.
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