Iceland now deemed ‘safe investment’ by major credit agency

Saturday, 18 February 2012 09:32
35 Comments
Print PDF

Iceland’s economy is now stable enough to be considered a safe place to invest according to major credit agency Fitch.

Four years after the small nation’s economy was hit when its banks collapsed with huge losses, the country's sovereign rating has been upgraded to BB+.

Iceland's Finance Minister has said that his country's small size allowed it to recover quicker: "You are quicker turning a small boat around than a big ship." he said.

Last week ratings agency Moodys placed the UK on a negative outlook.  Experts estimate that there is a 30% chance that the UK could lose its triple A status within 18 months.

Comments  

 
# alicmurray 2012-02-18 09:44
Is this not all the proof that is needed (that is if you needed any) that the only way to go is Scotlish. I love this country because it stood up to bully Brown.
 
 
# Alan 2012-02-18 11:06
Oh dear. That's not supposed to happen! "You are quicker turning a small boat around than a big ship." Whereas captain Dave 'Schettino' Cameron want's to cost the Scots dear aboard his Costa Concordia.
 
 
# Marga B 2012-02-18 13:04
I like it! Apparently one of the most popular fancy-dresses this Carnival here in Barcelona is the "Schettino"! No Camerons though.
 
 
# Hugo 2012-02-18 13:27
If you live in Barcelona, I envy you.

¡Hasta la vida!
 
 
# Legerwood 2012-02-18 12:43
While ireland still has its problems it is worthwhile pointing out that it is still attracting investment.

The Forbes list of the Best Countries in which to do business (2011) listed ireland at No 4 - up from No 6 in 2010. In 2009 it was 14th on the list.

The UK remains at 9. In fact mosdt of the top ten countries have populations under 10 million. NZ, pop 4.4 million, came second.

If you look at a range of similar lists: Strongest banks, most competitive, UN HUman Development Index etc. Small countries feature prominently in the top ten each time particularly the Scandinavian countries.
 
 
# Zef 2012-02-18 14:47
More proof that not only can Scotland go it alone, but that it and others did not have to massively indebt themselves by bailing out the banks with public money. They tried apocalyptic and hysterical scaremongering with these people too to bully them into doing things that were not in their best interest.

Simply say 'no' like the Icelanders did and concentrate on what is best for your people and country instead of a small handful of elites and bankers bleeding the country dry. In the case of Scotland it's even worse as the leeches in this case are almost all centred in the City of London and are being helped along by their pals in the Tories and formerly Labour. Scotland would do well to be rid of them all. If only Ireland's government had listened to its people and not forced it into endless debt too.


The more you look at the figures and examples the more you realise that there's just no way that Scotland can be any worse off independant.

Roll on 2014 and well done and good luck to all the campaigners for Scottish rule for Scotland.
 
 
# Triangular Ears 2012-02-18 14:51
Whaaaat? I was told that Iceland was a basket case! Unionists, how have you allowed this upstart country to recover like this? I thought the UK had influence in the world. How could you allow this to happen?
 
 
# Legerwood 2012-02-18 15:01
Start by throwing some of the bankers in jail and then take it from there.

Iceland also boosted their exports, much as Ireland has done, and so ran a trade surplus rather than a trade deficit. Part of their overall strategy.

When you see the stats for their growth rate it is really quite impressive.
 
 
# mato21 2012-02-18 15:01
Yes as recently as yesterday on call Kay with an e this fallacy was being spouted without contradiction of course

Sent the fragrant Kirsty an email suggesting she ought to be better informed if hosting this type of programme
 
 
# Arbroath1320 2012-02-18 15:05
T.E. the answer is simple.

The man who saved the world has taken his eyes off the ball. He's too busy counting his £1.4 million. If he isn't doing that then he is busy completing his second book.

SECOND BOOK? Crikey I didn't know his first book sold that well.:D
 
 
# Dubai_scot 2012-02-20 15:04
Yeh! It was one of those 'Idiots Guides to....'. Think it was basic arithmetic or something...
 
 
# Arbroath1320 2012-02-20 15:31
I guess it couldn't have sold very well then, especially if he is bringing a second one out. My guess is the second book is all about explaining the first book. :D
 
 
# J Wil 2012-02-21 22:47
One newspaper report said Brown was giving this money to charity, then the story changed to - he was giving some of it to charity!.
 
 
# Arbroath1320 2012-02-21 23:02
I heard he was giving 50 pence. :D
 
 
# pmcrek 2012-02-18 16:06
It should be noted that throughout the past four years of apparent financial instability in Iceland they have as always maintained far higher HDI score, equality levels and GDP per capita than the UK.

Same as Ireland have.
 
 
# Stakhanov 2012-02-19 00:53
Last of the true Vikings- Been over there several times-I had no doubt they would recover-and quickly. Still disgusted that Broon used terrorism legislation against Iceland, cretin
 
 
# Dubai_scot 2012-02-20 15:08
I agree, but I think he panicked. The man had nothing to add so the best defence was offence. Iceland was effectively abused by Westminster.
 
 
# Arbroath1320 2012-02-20 15:32
Don't you know D.S. "panic" is Broon's middle name!
 
 
# Nautilus 2012-02-18 19:33
# Mato 21.

I heard that guy on ‘Call Kaye’ too. What a banker! Suggested that, if there was another banking crisis, Scotland could not cope. Do he and his colleagues see themselves taking us down that road again, or something? Guess we could bounce back even quicker than Iceland,though, as we have more natural resources than fish. Ireland will be solvent pretty soon too.

Afraid the rump UK will be in the ordure for another 20 years. With independence, our citizens could also be in the black within 3 years. Wee countries have a much better chance of surviving.

Let’s split from the old firm and start our own business with the star management team that we've got already up here!
 
 
# Saltire Groppenslosh 2012-02-18 19:37
O/T Here is Alex Salmonds interview by David Frost on Al Jazeera for anyone who is interested.

aljazeera.com/.../...
 
 
# Wee-Scamp 2012-02-18 20:33
Does anyone know who the guy was from Scottish Financial Enteprise that spoke up at Cameron's do in Edinburgh on Weds?
 
 
# Dubai_scot 2012-02-19 07:00
I had to laugh, this was the country that the unionists told us all, was about to disappear off the map of the world. Perhaps the hapless Gordon Brown and Darling should pay them a visit and offer them an apology for their vile comments made during the early days of the financial crisis?
 
 
# Roll_On_2011 2012-02-19 08:12
Dubai_scot

“ I had laugh, this was the country that the unionists told us all, was about to disappear off the map of the world. Perhaps the hapless Gordon Brown and Darling should pay them a visit and offer them an apology for their vile comments made during the early days of the financial crisis? “

I reckon that is not a very good idea, at least for Jimmy Broon, He was the one that used the ‘Anti-terrorism, Crime and Security Act (2001)’ against them. And according to Eirikur Bergmann he told some porkies about them just to ease the heat he was in at home.

guardian.co.uk/.../...

“ It might be interesting for UK voters to know that the PM's statements are completely false. Let's look at some facts: Christie's business was with Kaupthing Singer & Friedlander (KSF), a UK-based bank that was regulated by the FSA and therefore covered by the UK depositor protection scheme. This is, for example, clearly stated in the Treasury committee report published last month. “

But DS if you can peruade him to go I will be eternally in your debt.
 
 
# Dubai_scot 2012-02-19 09:17
Lol!
Maybe we should set up a fund for "one way " tickets.......
 
 
# Roll_On_2011 2012-02-19 09:44
Dubai_scot

“ Lol!
Maybe we should set up a fund for "one way " tickets....... “

I am with you on that one… were do I send the dosh to.
 
 
# Vincent McDee 2012-02-19 11:45
And why do you wish so much ill to the Icelanders?

A desert island would be fairer.
 
 
# Dubai_scot 2012-02-19 17:00
Rockall springs to mind...
 
 
# UpSpake 2012-02-19 10:58
But Cameron is telling us all the time that he is being asked all the time what is happening in Scotland and is it safe to invest there ?. Surely there is a disconnect here. Is not Mr. Slamond not announcing almost weekly that new business investment is being created in Scotland by a substantial number of internationally known businesses ?.
Surely there is a disconnect here between reality on the ground and the airy fairy nonsense coming out of the mouths of Westminster politicians.
Is there any reason whatsoever that we should ever believe or in any way trust anything they say.
Mr. Salmond is showing results, Westminster sows doubts.
 
 
# Vincent McDee 2012-02-19 11:50
From spiegel.de/.../...


"The former premier (of Iceland) is now the first politician in all of Europe who will stand trial for the financial disaster.

Iceland's 1905 constitution makes it possible to convict political figures of a crime if they did not act -- or did not act quickly enough -- in a situation posing a danger to the state.

Haarde could face up to two years in prison"

Suggestions and sugerences in a e-postcard, please.
 
 
# Roll_On_2011 2012-02-19 12:31
Vincent McDee

Thanks for the link. Did you notice the chart to the left of the article?

‘Private household debt as a percentage of available income’.

Iceland…. 225
GB……… 177
USA……. 137
Canada... 136
Germany.. 95
France….. 93
Italy……... 70
 
 
# Dubai_scot 2012-02-19 17:36
If 10% of the Icelandic population are in the situation depicted by Spiegel then a rough calculation puts that at 1.28Billion euros.
This sounds a lot but it could be written off by the banks and this would allow the situation to return to an even keel. Something the banks should be looking at closely. It's called Penance, bankers please note.
 
 
# sneckedagain 2012-02-19 17:44
We are looking at the Arc of Recovery
 
 
# rob4i 2012-02-19 23:02
NO question, small is best, especially when you have full control of ALL aspects of your own country's economy!

The UNION is now a spent force!!
 
 
# rob4i 2012-02-19 23:11
Well said # sneckedagain,
Arc of prosperity - Bankrupt- Arc of recovery. Wow.....Zoooooom......Yahooooo!!
 
 
# J Wil 2012-02-21 22:52
I assume that Iceland payed back all the moneys that had been invested in Icelandic banks by Scottish Councils, as I have not heard any of them screeming for redress recently.
 

You must be logged-in in order to post a comment.

Donate to Newsnet Scotland

Banner

Latest Comments