The Icelandic solution....

biffvernon · Post by **biffvernon** » 22 Jul 2012, 09:25

Film of how to do it:
http://potspansdocumentary.wordpress.com/

DominicJ · Post by **DominicJ** » 22 Jul 2012, 10:03

Iceland also defaulted....

Funny how that was missed off the list, since its far more important than jailing anyone.

SleeperService · Post by **SleeperService** » 22 Jul 2012, 11:14

DominicJ wrote:Iceland also defaulted....

Funny how that was missed off the list, since its far more important than jailing anyone.

Yes but they only selectively defaulted. Nottingham City Council had a huge amount of money in Iceland

http://www.thisisnottingham.co.uk/Counc ... story.html

they've got most of it back minus the mickey mouse interest that never really was. All this when they claimed they were broke and cutting services while the staff at their newly refurbished offices steadily increased and they spent like an alcoholic on payday.

http://www.thisisnottingham.co.uk/Chris ... story.html

The bit about Christmas presents sums up the council completely. The Icelanders should've given the money to Bradley Manning's defence fund.

DominicJ · Post by **DominicJ** » 22 Jul 2012, 11:25

Other people lost a lot more than 10% though.

A ban default rarely means everyone lose everything, but the icelandic banks still had assets

SleeperService · Post by **SleeperService** » 22 Jul 2012, 12:32

DominicJ wrote:Other people lost a lot more than 10% though.

A ban default rarely means everyone lose everything, but the icelandic banks still had assets

High interest reflects high risk. Too many people forget this but it's a fundamental fact of economic life. Of course we're used to a skewed system in this country so when another set of values is applied dummies get thrown out of the pram.

biffvernon · Post by **biffvernon** » 22 Jul 2012, 12:57

In my area, East Lindsey District Council has had most of its money back.

JavaScriptDonkey · Post by **JavaScriptDonkey** » 22 Jul 2012, 13:57

I'm still not entirely convinced that councils should ever have enough surplus cash to warrant long term investment in offshore bank accounts.

They should budget within the capacity of their tax payers and cut taxes when reserves start building up.

biffvernon · Post by **biffvernon** » 22 Jul 2012, 19:19

Or spend on useful services. It seems to have been a habit of Tory led local councils to save taxpayer's money for them in offshore investments.

SleeperService · Post by **SleeperService** » 22 Jul 2012, 19:42

biffvernon wrote:Or spend on useful services. It seems to have been a habit of Tory led local councils to save taxpayer's money for them in offshore investments.

It's not just the Tories, Nottingham has been Labour for years.