Monday, October 13, 2008

Iceland

For those of you who haven't been following the story closely, you may not have noticed that the biggest (or rather, most total) victim of the global financial crisis has been Iceland, the NATO member that has more or less officially gone bankrupt and is apparently starting its bailout with a handout from Vladimir Putin's Russia. However, there is also a more novel recapitalization scheme being tested:
LONDON (Reuters) - Great scenery and wildlife but financial situation in need of repair -- collect in person.

Iceland, which is going cap in hand to Russia for a 4 billion euro loan to bail out its failed banks, was offered for sale as a wholesale lot on eBay on Friday.

Bidding started at 99 pence but had reached 10 million pounds by mid-morning on Friday.

Globally renowned singer Bjork was "not included" in the sale, according to the notice, but there were nonetheless 26 anonymous bidders and 84 bids.

"Located in the mid-Atlantic ridge in the North Atlantic Ocean, Iceland will provide the winning bidder with -- a habitable environment, Icelandic Horses and admittedly a somewhat sketchy financial situation," the notice read.

Bidders' questions included: "Do you offer volcano/earthquake insurance?", "Is it possible that my payment will be frozen?", and "Will you accept C.O.D. as a form of payment?"
Before you dismiss this as a mere joke (it is a joke, but like all good jokes, it is well rooted in reality), it's worth remembering that Iceland did sell off the research rights to the genetic map of its entire population. For details, see here.

1 comment:

zachawry said...

Always wanted to spend time in Iceland. Wish I had money to buy a house there now!