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英国论文网:British and Dutch GDP:The spread of the cri(5)


Any resolution of the immediate problems facing Iceland is dependent on the UK
and the Netherlands settling with Iceland. Unfortunately, the ability of the
Icelandic government to meet their current demands is very much in doubt.
Opinion polls in Iceland indicate that one third of the population is considering
emigration. Further economic hardship due to Icesave obligations may make that
expression of opinion a reality. Meanwhile, many companies are facing bankruptcy
and others are contemplating moving their headquarters and operations
abroad.
With the youngest and most highly educated part of the population emigrating
along with many of its successful manufacturing and export companies, it is hard
to see how the Icelandic State could service the debt created by the Icesave obligations
to the UK and the Netherlands, making government default likely.
The economic rationale for continuing to pursue the Icesave case with the current
vigor is therefore very much in doubt. If a reasonable settlement cannot be
reached, and with the legal questions still uncertain, it would be better for all three
parties to have this dispute settled by the courts rather than by force as now.
References
Willem Buiter and Anne Sibert (2008) ‘The Icelandic banking crisis and what to do
about it: The lender of last resort theory of optimal currency areas’. CEPR Policy
Insight No. 26.
Webb, Steven (1988) ‘Latin American debt today and German reparations after
World War I – a comparison’, Review of World Economics.
The first casualty of the crisis: Iceland 13
2 Initial reparation demands from Germany were close to 200% of GDP, but quickly lowered to around 85%. See
e.g. Webb (1988) for comparisons of German reparation payments and emerging market debt repayments.

Iceland: The future is in the EU
Philip Lane
Trinity College Dublin and CEPR
6 November 2008
Iceland is undergoing a traumatic financial crisis. This column argues that the
http://ukthesiss.com/dissertation_writing/main anchor for its recovery strategy should be EU membership and entry into the
euro area.
Iceland is undergoing a traumatic financial crisis. In just a few weeks, it has seen
the collapse of its currency and its banking system, plus a spectacular decline in
its international reputation and its diplomatic relations with long-standing international
partners. Much of the current debate revolves around the attribution of
blame for its predicament, and there is certainly much to be learned from a rigorous
forensic enquiry into the origins and mechanics of the crisis. Although
Iceland ultimately proved unable to ensure the survival of a banking system with
a balance sheet that was ten times the size of its GDP, the debate about whether



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