Financial crisis: Iceland, the Baltics, and Scotland

Stores in Iceland are emptying out and the country only has two weeks of imported food left. How does a small island country buy and have goods shipped to it when no one will accept their currency? Their stock market reopened today, then dropped 77%. Norway just priced shares in the now nationalized banks of Iceland at zero. Yes, zero.

The Baltics could be next.

Two major banks in Scotland just failed and were taken over by the British government. Would an independent Scotland have had the financial resources to handle that on their own and is the dream of Scottish independence now dead?

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  • Wood

    I don’t think that Scotland could have had the resources to do it, no. To be fair, it’s true of everywhere in the UK apart from London – we all depend not on England, but on London. Without London, we’d all be stuffed.

    It’s not a good thing, but there we are.

    Anyway, I don’t think this makes the slightest difference to the dream of Scots independence. It was never that close — it might happen, but not for a while yet — and I don’t think this makes it further away.

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