Icelandic news translated into English

November 10, 2008

The depression here more serious than the Finland depression

Filed under: economy,Politics — newsfrettir @ 9:21 am
Tags: , ,

Jón Baldvin Hannibalsson
The depression facing Icelanders is much more serious than the depression faced Finland the years 1990-1994. It does not matter what economic measure is used. This is the opinion of Jón Baldvin Hannibalsson, former foreign minister and ambassador in Finland.

Finland became a nation of poverty in the beginning of the 90´s after the bank system was given loose reins and supervision authorities were weak. When the flow of foreign money slowed down and loan options, interests raised, business deals worsened and the Soviet crashed, Finland crashed.

The businesses went bankrupt and unemployment was at average 18%, but some counties 50%. Jón Baldvin says that the situation of the Icelandic nation is much worse than when the Finland crash hit.

Jón Baldvins opinion is that what saved Finland was that they created a firm direction to the future right away. The political decision was taken to change Finland from an industrial nation to a high technology nation with changes in their educational system. Also it was decided to throw the Finland Mark.

Even the Finland progressive party decided to apply for admission in ESB in the year 1993. The Finland nation were not alone in the world.

(News Article by noname)
Original Article in Icelandic

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