Hey guys, been lurking a bit here and there as I've been on holidays but was just reading something very interesting
Looks like those poor Icelanders are in trouble, their stock market shed 77% after being suspended for 3 days
We should do something, sponsor an Icelander maybe? Or rent Mighty Ducks 2?
Icelandic stock market crashes on reopening
By James Thompson
Wednesday, 15 October 2008
The beleaguered Icelandic stock exchange plummeted by 77 per cent yesterday, following a three-day suspension of trading.
The OMX Iceland 15 Index fell by 2,326.2 to 678.4 - the lowest since April 1996. The fall in shares contrasted sharply with a strong performance by European and Asian shares for the second consecutive day. The Icelandic index has lost 89 per cent of its value this year, making it the worst performing stock exchange globally.
Shares in six financial companies, including the now-government controlled Kaupthing, Landsbanki and Glitnir, remained suspended, as Iceland has been hit hard by the global financial crisis. Iceland has been forced to ask for help from Russia and the IMF to save its beleaguered economy. Trading in Icelandic shares was suspended on 9 October after the OMX Iceland lost 30 per cent of their value in nine days.