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    AXJ ICELAND : RECOVERY BEGINS AFTER ARREST OF FINANCIAL CRIMINALS

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    AXJ ICELAND : RECOVERY BEGINS AFTER ARREST OF FINANCIAL CRIMINALS

    Post  Admin on Thu Dec 08, 2011 2:08 pm

    AXJ ICELAND : RECOVERY BEGINS AFTER ARREST OF FINANCIAL CRIMINALS


    Pic from the internet.

    AXJ ICELAND NEWS
    www.axj.com
    07-12-2011

    ICELAND set for spectacular growth in 2012 after arresting political and finacial criminals according to this news blog in Spanish:

    ttp://teatrevesadespertar.wordpress.com/2011/12/07/islandia-triplicara-su-crecimiento-en-2012-tras-encarcelar-a-politicos-y-banqueros/

    Curious how the Main Stream Media ( MSM ) have totally errased ICELAND from their coverage since the PEOPLE OF ICELAND have quietly acted, arrested, and prosecuted the brains behind the collapse of their economy in 2008.


    Pic from the internet.

    In the United States and Europe not one politician nor financial genius has been arrested. Except for Blagovich no other politician has yet to pay the fiddler:

    http://articles.cnn.com/2011-12-07/justice/justice_blagojevich-sentencing_1_blagojevich-attorney-sheldon-sorosky-illinois-gov-district-judge-james-zagel?_s=PM:JUSTICE

    AXJ in the USA is absolutely dum founded how 60 million American Families are losing their homes in unlawful foreclosures and nobody seems to care.

    Read further news from AXJ ICELAND on Facebook:

    https://www.facebook.com/pages/AXJ-Iceland/309513395735731?sk=wall

    As for Gustav of the Dow Jones Newswires, his article may be very interesting and informative, but it does not tell us the reason for the recovery. Perhaps OCCUPY should concentrate on citizens' arrests of the 1% criminal elite and not occupying cities?


    By Gustav Sandstrom

    Of DOW JONES NEWSWIRES

    As the euro zone struggles with high public debt levels and turbulent securities markets, industry watchers believe Iceland's financial sector could be moving in the right direction, following the first bond issue by an Icelandic bank since the meltdown of 2008.

    In a statement Wednesday, stock market operator Nasdaq OMX said it will start trading covered bonds issued by Islandsbanki hf, one of the country's main lenders.

    "This issuance is a step forward for the financial system and in the rebuilding of the Icelandic securities market," Nasdaq OMX Iceland's president Pall Hardarson said. "We expect this to encourage other companies to make greater use of the bond market."

    Islandsbanki, which has hired MP Bank as market maker for the bonds, said the move should help resurrect the country's capital markets.

    Iceland is recovering from a sharp economic slump after its financial sector imploded in late 2008 following years of aggressive overseas expansion by its main banks. At the height of the crisis, Icelandic banks had foreign currency liabilities totaling $120 billion compared with a gross domestic product of around $20 billion for the country of just over 300,000.

    The Icelandic government in October 2008 took over Islandsbanki--then known as Glitnir--along with the country's other main banks Kaupthing and Landsbanki. Islandsbanki is now 95% controlled by its creditors, while the Iceland government has kept the remaining 5% of the bank.

    The collapse of banking industry threw the Nordic island nation into recession, with GDP shrinking 6.7% year-on-year in 2009 and 4% in 2010.

    Wednesday's issue of the first Icelandic bank bond since 2008 could be a sign that the country's financial sector is now on the right track, David Stefansson, an economist at Arion Bank, told Dow Jones Newswires. Arion was created from the remains of Kaupthing's Icelandic operations.

    "It's definitely a step in the right direction," Stefansson said, adding that other Icelandic banks may well follow suit with bond issues of their own.

    Most Icelandic banks are currently funded with deposits, so a revitalized bond market should help improve their capital structures and make the financial system more sustainable, he said.

    Iceland's stock market will also see its first listing since the 2008 financial collapse when the country's biggest retail group, Hagar, goes public in mid-December, Stefansson said. The book-building results haven't been announced yet, but interest looks considerable so far, he added.

    Meanwhile, Iceland's wider economy rebounded in the third quarter, with GDP up 4.8% from the same period a year earlier, data from Statistics Iceland showed Wednesday.

    Iceland's growth looks set to continue although the turmoil in the euro zone could slow it down, weighing on exports and tourism revenue, said Stefansson.

    Still, the country's banks won't be much affected by the turbulence elsewhere in Europe, he said, as they currently have no financing from abroad.

    -By Gustav Sandstrom, Dow Jones Newswires, +46-8-5451-3099;

    gustav.sandstrom@dowjones.com

    Source: http://online.wsj.com/article/BT-CO-20111207-709577.html

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