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Moon Kitten
GoonFleet
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Posted - 2008.10.06 06:58:00 -
[1]
 Quote:
Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country's three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials from the central bank have been huddled behind closed doors for three days with still no sign of a plan. International banks won't send any more money and supplies of foreign currency are running out.
The Guardian
Quote:
REYKJAV-K, Iceland -- Iceland's government and banks scrambled Sunday to find the cash needed to rescue the country's banking system and cushion an economy that is one of the hardest hit by the global financial crisis in the developed world.
Iceland's banks swelled during the booming economy in recent years, lending heavily overseas. Now markets are penalizing the nation of 300,000, worried that its banks may not weather the credit crunch and the government won't be able to afford to bail them out.
The krona, Iceland's currency, has plummeted, imports have dropped, inflation is soaring and consumers are putting the brakes on buying as household debt costs climb. The crunch is threatening to make the island nation a showcase of the worst it can deliver. At marathon meetings at a guest house in Iceland's capital on Sunday, bankers and ministers discussed selling pension-fund assets held overseas and seeking assistance from central banks of other Nordic countries to provide liquidity, among other scenarios, according to people familiar with the situation. To bolster savings, Iceland was moving toward greater protection for local deposits. It wasn't clear Sunday evening whether a plan would be hashed out before markets opened on Monday.
Washington Post
More news articles from google
welp
p.s.
don't panic
d.s.
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ollobrains2
Gallente
New Eve Order Holdings
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Posted - 2008.10.06 07:02:00 -
[2]
i think they get paid in euros and US$. Probably some currency hedging to make it revenue netural as well perhaps. Or everything is paid for in euros and well if u convert back u become quite rich in iceland
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Kiyoseki
One-Trick Pony Enterprises
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Posted - 2008.10.06 07:04:00 -
[3]
Consider that most of their product is an export and they are less effected by local matters.
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ollobrains2
Gallente
New Eve Order Holdings
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Posted - 2008.10.06 07:07:00 -
[4]
also remember they have offices in london ( pounds) atlanta ( US dollars) and beijing ( yuan) so their operational expenses are spread out their profits are probably paid to their private investors in a netural currency
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Kuolematon
Space Perverts and Forum Warriors United
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Posted - 2008.10.06 07:08:00 -
[5]
Nelson voice: Ha Ha!
Now you reap what you sow or something. Casino capital and stock players, united!
"The Amarr are the tanking and ganking floating rods of goldcrap"
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Digital Solaris
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Posted - 2008.10.06 07:09:00 -
[6]
But people working at CCP likely has savings in Icelandic banks. Ask them how they feel about this whole mess instead.
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Le Skunk
Low Sec Liberators
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Posted - 2008.10.06 07:46:00 -
[7]
people going to the fan fest should be advised to ignore the the huddled masses of icelandic doods pressed up against the airport lounge window trying to absorb some warmth through the double glazing.
SKUNK
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Vaal Erit
Science and Trade Institute
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Posted - 2008.10.06 07:57:00 -
[8]
CCP has already responded here
Adapt or die, adapt or die.
--
http://desusig.crumplecorn.com/sigs.html
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Sirial Soulfly
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Posted - 2008.10.06 08:08:00 -
[9]
Once the dollar and the euro will plummet ccp will get into trouble, rather simple really.
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Flash Bombardo
Minmatar
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Posted - 2008.10.06 08:25:00 -
[10]
Edited by: Flash Bombardo on 06/10/2008 08:25:58
Their main problem will come with shrinkage of the existing paying player base, through increased suspensions and lower take up relating to a drop in the player bases disposable income globally.
This will be followed by a cold front from the west, showers later.
And now the news, Dave ?
"I have not problem with prostitute, but the kiddy dools is to much for me" - Orcan |
KIAEddZ
Caldari
KIA Corp
KIA Alliance
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Posted - 2008.10.06 09:39:00 -
[11]
Edited by: KIAEddZ on 06/10/2008 09:41:58
afaik CCps infrastructure is only linke to the ISK at the "living costs" end.
Their company is Euro's paid.
And if this is the case (edit confirmed in other post), and thier money is all held in foreign banks, this financial crisis here in Iceland, means they are sitting very pretty, with their companies relative value locally, rising sharply.
The problem they have is probably a man power one, afaik CCP employess are paid in ISK, and anyone with a loan/credit card debt of any sort in another country, may well be unable to live of the wages CCP are paying them. It really is very bad here.
I am going back to UK for 2 weeks next week, and my money is worth roughly 1/3 less than 4 months ago when we planned it. Not good.
KIA EVE Home
KIA in game Public Channel "KIA"
KIA are Currently recruiting active PvP minded players. Contact Imperius Blackheart |
Kazuma Saruwatari
Caldari
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Posted - 2008.10.06 09:47:00 -
[12]
CCP as a company: weathering a storm
CCP as people: getting screwed over.
Why does that sound so familiar? Oh, right, because its happening every****ingwhere.
-
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Moon Kitten
GoonFleet
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Posted - 2008.10.06 09:55:00 -
[13]
Well I hope they don't starve to death.
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Jinx Barker
GFB Scientific
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Posted - 2008.10.06 11:16:00 -
[14]
Originally by: Moon Kitten
Well I hope they don't starve to death.
Maybe we should make CCP Food Drive event, where we sent Canned foods and stuffs to starving CCP WORKERS, GMS AND DEVELOPERS, well, the ones who do not drive Ferrari.
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Sleepkevert
Amarr
Rionnag Alba
Triumvirate.
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Posted - 2008.10.06 11:24:00 -
[15]
Any Icelandic persons about that are willing to tell the current prices (in ISK) for stuffs in supermarket like bread, cola, milk, whatever?
I'm rather curious since I'm going to fanfest in a few weeks and dunno what to expect when it comes to prices for food.
_
Add your own line! |
Prof Patpending
Bodgit and Scarper Industrial
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Posted - 2008.10.06 11:29:00 -
[16]
What they need to do is build all their houses into the volcanos and get a white Pursian cat and stroke it while laughing diabolically since evil overlords never have money problems as they are always drinking the good stuff and d****d with *****es.
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SPIONKOP
Caldari
Warp Core Tech
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Posted - 2008.10.06 12:16:00 -
[17]
Originally by: Sleepkevert
Any Icelandic persons about that are willing to tell the current prices (in ISK) for stuffs in supermarket like bread, cola, milk, whatever?
I'm rather curious since I'm going to fanfest in a few weeks and dunno what to expect when it comes to prices for food.
A mate told me that a beer was 750-800 ISK in iceland.
Not sure about the price of food but at ú4 or ú5 a bottle of beer, food can wait until you get home.
---------------------------------------------
Space For Rent.
100mil ISK/Week.
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Raving Gerbil
Minmatar
Shadow Monkeys
Shadow Donkeys
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Posted - 2008.10.06 12:35:00 -
[18]
Originally by: SPIONKOP
A mate told me that a beer was 750-800 ISK in iceland.
Not sure about the price of food but at ú4 or ú5 a bottle of beer, food can wait until you get home.
at ú4 or ú5 for a beer, food can wait till you GROW IT IN YOUR GARDEN
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SPIONKOP
Caldari
Warp Core Tech
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Posted - 2008.10.06 12:38:00 -
[19]
Originally by: Raving Gerbil
Originally by: SPIONKOP
A mate told me that a beer was 750-800 ISK in iceland.
Not sure about the price of food but at ú4 or ú5 a bottle of beer, food can wait until you get home.
at ú4 or ú5 for a beer, food can wait till you GROW IT IN YOUR GARDEN
I don't think they have soil in iceland, just some volcanic crap. All food is imported, unless that is you like fish.
---------------------------------------------
Space For Rent.
100mil ISK/Week.
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Letrange
Minmatar
17th Minmatar Tactical Wing
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Posted - 2008.10.06 12:41:00 -
[20]
You realize of course that it is probably "good" news for people going to fan fest? It will make their trip very much cheaper. I just worry about the Icelandic pod pilots. Hope they can keep their jobs and internet connections.
Incidentally this will make Fanfest noticeable since it's a 1000+ foreigner event in a country of 300k. In November. The hotels WILL notice it. Look for some articles about CCP helping to save the Icelandic economy come December. -.-;
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