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Just a few weeks ago, the Icelandic government started threatening to use the European 'template' of removing guarantees on large deposits (though maintaining its capital controls) indirectly pressuring the wealthy to spend (for fear of ...
Just a few weeks ago, the Icelandic government started threatening to use the European 'template' of removing guarantees on large deposits (though maintaining its capital controls) indirectly pressuring the wealthy to spend (for fear of haircuts). However, the capital controls have backfired as Bloomberg notes, Iceland’s private sector is running out of cash to repay its foreign currency debt, according to the nation’s central bank. The Prime Minister has said that the FX shortfall - exacerbated by his own policy restricting the selling of Krona - is "a matter of huge concern." The government’s biggest challenge is to allow capital to flow freely without triggering a krona sell-off that would cause Iceland’s foreign debt to spike and undermine the nation’s economic recovery. The yield on Iceland’s 5.875 percent dollar $1 billion bond due May 2022 has soared this year to as high as 5.71 percent last month from a low in May of 3.81 percent. Its spread to the U.S. Treasury curve widened to around 280 basis points yesterday from a May 28 low of around 180 basis points. Via Bloomberg, Iceland’s private sector is running out of cash to repay its foreign currency debt, according to the nation’s central bank. Non-krona debt owed by entities besides the Treasury and the central bank due through 2018 totals about 700 billion kronur ($5.8 billion), the bank said yesterday. The projected current account surpluses over the next five years aren’t estimated to reach even half of that and will equal a shortfall of about 20 percent of gross domestic product. The nation faces a “repayment risk of foreign debt by private entities in the economy, who don’t have access to foreign financial markets,” Sigridur Benediktsdottir, head of financial stability at the Reykjavik-based central bank, said yesterday in an interview. “We view this as being exacerbated or made worse by the fact that our current account is actually declining.” Prime Minister Sigmundur David Gunnlaugsson has said Iceland’s foreign exchange shortfall is “a matter of huge concern” as he tries to scale back currency controls in place since 2008. The government’s biggest challenge is to allow capital to flow freely without triggering a krona sell-off that would cause Iceland’s foreign debt to spike and undermine the nation’s economic recovery. ... “Repayment of this debt is currently under capital controls,” said Benediktsdottir. “So we can use the capital controls to actually manage the outflow of those repayments. By doing so, we can keep both financial and currency stability.” Whocouldanode that Capital Controls and the restriction of free markets would have unintended consequences?
about 4 hours ago
A study finds that hollow, land-based lava pillars in Iceland likely formed in a surprising reaction where lava met water without an explosion. Such formations are common deep under the ocean, but have not been described on land, the lea...
A study finds that hollow, land-based lava pillars in Iceland likely formed in a surprising reaction where lava met water without an explosion. Such formations are common deep under the ocean, but have not been described on land, the lead researcher says.
about 4 hours ago
The United States Men's National Team has already qualified for the 2014 World Cup, which means Friday evening's game against Jamaica should be an opportunity for younger players to gain valuable experience ahead of soccer's biggest even...
The United States Men's National Team has already qualified for the 2014 World Cup, which means Friday evening's game against Jamaica should be an opportunity for younger players to gain valuable experience ahead of soccer's biggest event in the summer of 2014. The training camp roster has already been announced and posted to the USMNT website, and head coach Jurgen Klinsmann has elected to invite multiple young players who have little experience with the national team. Building experience for these players is crucial ahead of the World Cup, because Klinsmann cannot guarantee the health of his star players between now and the tournament next summer. He must have a deep roster of players prepared to step onto the pitch in red, white and blue and perform at a world-class level. That all starts Friday against Jamaica, when he should give the opportunity to play to these players. Terrence Boyd, Forward Boyd is an extremely talented young player, but lacks experience against a high level of competition since he plays in Austria for his club soccer. But when he got his chance against top-level opposition in a hostile environment, he made the most of his opportunity. The video below depicts his biggest moment as a member of the national team, when the US defeated Mexico at Azteca Stadium. He showed a great amount of positional awareness and creativity to facilitate what would be a very important goal for the US, and would prove to be the first ever game-winning goal scored by the USMNT against Mexico at Azteca. At the age of 22, there's certainly plenty of room for Boyd to continue to grow and develop into a world-class forward that the US has sought for quite a while. So getting the chance to start and play against Jamaica in Friday's World Cup qualifier would be yet another chance for him to build chemistry with his national team compatriots, and earn his place on the roster for bigger and tougher opponents in the future. Boyd has yet to score in nine caps with the US Men's National Team, so getting him a first goal would go a long way towards building his confidence and preparing him for his role on the 2014 World Cup squad. Aron Johannsson, Forward/Winger As Johannsson says in the video above, coach Jurgen Klinsmann was very interested in bringing the young Icelandic and American attacking player into camp with the USMNT despite interest from Iceland, which he considered to be more of a "home" than the United States. It was Klinsmann's persistence, respect and experience which won over Johannsson, who now proudly wears the USMNT colors on the national team level. He has only appeared twice for the United States, but he is an important member of Dutch side AZ Alkmaar. AZ is the same team that USMNT striker Jozy Altidore called home for the past few seasons before moving to England to play in the Premier League. As Jason Davis of ESPNFC points out, Johannsson isn't the quickest or strongest striker, but he's smart and has a great knack for finishing scoring moves and netting goals. But he also has positional flexibility, which could be his key to a roster spot for the World Cup. That's why he should play as many minutes as coach Klinsmann can find for him, whether they're as a winger, a striker, or as a supporting striker behind a player like Boyd. Friday's game against Jamaica would be the perfect opportunity to get Johannsson some minutes in his secondary positions, to see how he adjusts and what sort of potential he has in those spots. Mix Diskerud, Midfielder The USMNT has definitely shown signs of weakness when they're without key players in the midfield, especially Michael Bradley. The team does not connect the defense to the attack well enough when Bradley and his fellow veteran midfielders are not on the pitch. That's why a young player like Diskerud needs to see the pitch as often as possible, so he can work himself into consideration as a mainstay midfielder for the US for years to come. At only 23, there's cer
about 4 hours ago
Iceland has the fewest barriers to Internet freedom, according a recent study ranking countries based on obstacles to access, limits on content and violations of user rights. Iceland scored just six out of a possible 40 points. (The lowe...
Iceland has the fewest barriers to Internet freedom, according a recent study ranking countries based on obstacles to access, limits on content and violations of user rights. Iceland scored just six out of a possible 40 points. (The lower number of points, the higher level of Internet freedom.) Internet users in Estonia, which trails Iceland by just three points, also enjoys a high degree of freedom. The United States tied with Germany for third place on the rankings, each with a total of 17 points each. Argentina and Kenya have the most barriers to Internet freedom, with 27 and 28 points, respectively. Read more...More about Iceland, Internet Freedom, Us World, World, and Us And World
about 5 hours ago
The brand will land in Iceland for three nights in February.
The brand will land in Iceland for three nights in February.
about 5 hours ago
As a child growing up in the mid-90s, I loved sports and I loved movies, both loves very near to my heart to this day. During the mid-90s there were a lot of children’s sports movies being released, The Sandlot, The Big Green, Spac...
As a child growing up in the mid-90s, I loved sports and I loved movies, both loves very near to my heart to this day. During the mid-90s there were a lot of children’s sports movies being released, The Sandlot, The Big Green, Space Jam, Angels in the Outfield, Little Giants. I loved them all. One of my favorites growing up was The Mighty Ducks 1 and 2. I used to watch them all the time whenever it was in cable, almost to the point that it annoyed my parents. Now that I am at an advanced age of 27, I can now look back and realize there were a lot of inaccuracies with these sports movies and none more than “D2: The Mighty Ducks”. This is Team USA? So, the plot of D2 is pretty much this: Gordon Bombay is a player who is about to be called up into the NHL, inures his knee, and instead becomes the coach for Team USA in the Junior Goodwill Games. Who did they recruit to play for Team USA? Why, coach Bombay’s Ducks team from Minnesota. You know, the same Mighty Ducks that backed their way into a Pee-wee hockey league playoffs in Minnesota. You’d think that a country with a proud hockey tradition would have actually gotten some better and more prolific players. Instead, Team USA is full of bumbling players who have a hard time staying in rollerblades. The following scene is from D3: The Mighty Ducks, but it’s all the same. USA? USA? USA? Hockey players are supposed to be graceful on the ice, but these guys make me look like Rocket Richard and this is supposed to be Team USA? Surely there had to be better options. Iceland and Trinidad and Tobago: Hockey Superpowers? When there’s a movie about an ice hockey tournament, you’re going to need a antagonist that is the downright superior team. Is it Canada? Russia? Sweden? No, it’s the hockey powerhouse of Iceland. Yes, Iceland. The same Iceland that is ranked 33rd in the IIHF World Rankings and played their first international game in 1999, five years after the movie came out, losing to another hockey superpower, Israel, 11-0. You’d think at the very least they would have used Russia because of a certain game in 1980. I think the reason why they probably didn’t use Russia was because it was 1994 and Russian-US relations were finally on the mend and something as trivial as this could have upset Russia. I know I’m just grasping at straws here, but it’s just a theory. I n fact, Russia would have been a logical choice seeing as how the Goodwill Games came to be. Billionaire media mogul Ted Turner created the Goodwill Games after the USA’s boycott of the 1980 Summer Olympics in Moscow and the USSR’s boycott of the 1984 Summer Olympics in Los Angeles. So, it would just make even more sense to have Russia be the main antagonist. Just because Iceland has the word “ice” in it, it doesn’t mean they are superior in hockey. Also, Trinidad and Tobago’s hockey team was good enough to make group play in the Junior Goodwill Games. All this despite Trinidad and Tobago not having a national hockey team and only three indoor hockey rinks. In fact, only one professional hockey player has ever come from Trinidad and Tobago, the WHA’s Sam Gellard. “Cool Runnings” had come out a year before D2, so my theory is is that Disney, producers of both films, were trying to still catch that Caribbean feel from “Cool Runnings” as you can see in the video below. The Knucklepuck No Goal In the film, Team USA member Russ Tyler, played by current SNL cast member Kenan Thompson, had a very unique shot called the “knucklepuck”. The puck would rotate end over end without spinning on it’s center. In the Gold Medal game, Iceland did a great job of defending the knucklepuck and blocking his shots, you know something a good defense does.. Team USA really had no answer for Iceland’s defense, except one illegal move. Russ Tyler disguised himself as Goldberg, the team&
about 5 hours ago
About 6 months ago I said "Economic Depression Is The New Success". In said article, I forcast serial European bank runs, to wit: From the BBC: Iceland's 'tenacity' lifts economy out of crisis Whisper it - Iceland's economy is on its way...
About 6 months ago I said "Economic Depression Is The New Success". In said article, I forcast serial European bank runs, to wit: From the BBC: Iceland's 'tenacity' lifts economy out of crisis Whisper it - Iceland's economy is on its way back. The frozen island on the edge of the Arctic, which had 10 straight quarters of shrinking GDP, is suddenly on a steady run of seven quarters of growth averaging at 2.5% per annum - something that few European countries can boast. Unemployment has fallen to just below 5% and confidence is returning... Ready! Set! Bank Run!!! Cyprus contagion raw Subscriber downloads below (click here to subscribe): Sovereign Contagion Model - Retail (961.43 kB 2010-05-04 12:32:46) Sovereign Contagion Model - Pro & Institutional Well, today Bloomberg reports "Icelanders Run Out of Cash to Repay Foreign Debts: Nordic Credit". Basically, as percieved to be cut off from foreign markets, Icelanders are running out of non-Krona denominated cash to pay off foreign debts. Here's more on the dilemma: Non-krona debt owed by entities besides the Treasury and the central bank due through 2018 totals about 700 billion kronur ($5.8 billion), the bank said yesterday. The projected current account surpluses over the next five years aren’t estimated to reach even half of that and will equal a shortfall of about 20 percent of gross domestic product. The nation faces a “repayment risk of foreign debt by private entities in the economy, who don’t have access to foreign financial markets,” Sigridur Benediktsdottir, head of financial stability at the Reykjavik-based central bank, said yesterday in an interview. “We view this as being exacerbated or made worse by the fact that our current account is actually declining.” Prime Minister Sigmundur David Gunnlaugsson has said Iceland’s foreign exchange shortfall is “a matter of huge concern” as he tries to scale back currency controls in place since 2008. The government’s biggest challenge is to allow capital to flow freely without triggering a krona sell-off that would cause Iceland’s foreign debt to spike and undermine the nation’s economic recovery. Wait a minute, if the Icelandic debt spikes, what happens to the Icelandic banks banks whose primary government bond (aka "risk free", ahem...) holdings happen to be Icelandic. Here's a hint: The Anatomy of a Europan Bank Run!
about 7 hours ago
Bam Margera gets married to his most perfect match
Bam Margera gets married to his most perfect match
about 8 hours ago
Iceland, home of singer Bjork, is no more than a six hour flight from our headquarters in New York City.  However, its warm springs, sleepy-town laidback lifestyle, and mountainous geography seems as if it is worlds away.  That is why it...
Iceland, home of singer Bjork, is no more than a six hour flight from our headquarters in New York City.  However, its warm springs, sleepy-town laidback lifestyle, and mountainous geography seems as if it is worlds away.  That is why it is perfect that perennial French clothing brand, Lacoste chose Iceland as the location for it’s Fall/Winter 2013 lookbook collection.  The lookbook, set in the green tree-filled mountainous rugged backdrop of Iceland can easily parallel the rugged urban environment of our northeast cities. So it is only appropriate that the pieces in Lacoste’s Fall/Winter 2013 collection are designed to be stylishly and comfortably worn in both the beautiful natural scenery of Iceland and the concrete jungles of NYC.   The all-American look, combines simplicity with comfort, yet never abandons the clean cuts and sows that Lacoste is best known for. Check out Lacoste’s below and you’ll see exactly what I mean.
about 9 hours ago
Former "Jackass" Bam Margera gets married in Iceland
Former "Jackass" Bam Margera gets married in Iceland
about 16 hours ago