Yes, but only two or three people live there and it's hard to export geothermal energy. It's not like you can load hot lava up on an oil tanker and ship it off to China or the US.
They don't need to sell the geothermal energy. They just sell the fish. Your right about the population though. The real issue with the Iceland debt was it was lent to the US subprime without transparency. This is where the issue lies and as a result Icelands fault for not providing more clear products.
Yep. The day after the loss in my local council who lost £40 million the Police were in the high street fining people for everything to make up the loss.
Harsh. Are you just echoing your boss's sentiments, Barrack Obama? I guess he's still upset about the British burning the Whitehouse down during the War of 1812. After the fire, I heard the British were referring to it as the Blackhouse. Seriously, what is Obama's problem with the British? Was it really necessary to return the bust of Winston Churchill?
British depositors were scrambling to put money into Icelandic banks because they offered a slightly better rate than the domestic banks. They also had the assurance of the £50k compensation scheme i.e. deposit protection. If you removed the deposit protection scheme, people would think much harder as to where to put their money.
The problem with Icesave was precisely that it didn't operate under the full FSCS. Instead, they opted for the 'passport exemption', under the EEA rules.