In England, ruing the decision to put money in Iceland banks

In Worcestershire, the Wyre Forest District Council, another of the three local bodies identified as most at risk, has nearly $14.5 million of public funds socked away in Icelandic banks, or about $145 for every resident. The council’s chief executive predicted a “devastating impact” on local services if the situation was not resolved quickly.

“The time that our community most needs us is the time we’ve got one hand tied behind our back,” said John-Paul Campion, the council leader.

London has dispatched an expert to assist the council in examining its finances and exploring its options, but that, Campion said, is not the issue.

“We don’t need someone to come help us manage our budget. We need someone to help us get our money back.”

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Posted in * Economics, Politics, * International News & Commentary, Economy, England / UK, Europe, Iceland, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

4 comments on “In England, ruing the decision to put money in Iceland banks

  1. Kendall Harmon says:

    According to Wikipedia “in 2007, Iceland was ranked as the most developed country in the world by the United Nations’ Human Development Index.”

  2. Pageantmaster Ù† says:

    Extraordinary – we thought it was a rock solid economy built on baby seals and cod – how were we to know?

  3. Pageantmaster Ù† says:

    Not to mention Bjork and Sigur Rós. Did I mention the whales?

  4. Pageantmaster Ù† says:

    It’s all here – a Tigerprawn Economy.