"If you are neutral in situations of injustice, you have chosen the side of the oppressor. If an elephant has its foot on the tail of a mouse and you say that you are neutral, the mouse will not appreciate your neutrality." --Bishop Desmond Tutu

Tuesday, October 21, 2008

FAIL!! Iceland Edition

Iceland accepts a $6Billion baliout from the IMF. It's been 32 years since the last western nation had to call on the "lender of last resort."
The last Western country to turn to the IMF was Britain, which called the international lender of last resort in 1976 when the banking system was facing collapse and foreign currency reserves had run dry.
Of course this bailout won't really do much good for Iceland's decimated banking system
Economists gave warning that $6 billion would not be sufficient to refloat Iceland’s devastated banking system because the Government needs so much foreign currency to buy basic supplies for Icelanders.
Hopefully, Icelanders wont starve or freeze this winter.

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