Iceland's new banking disaster

Naked Capitalism has a great piece on the current state of Iceland. While we all thought they voted themselves off the hook by telling the UK, the Netherlands, IMF etc. to go $$^^$# themselves it appears that a vulture fund(s) bought the debt at pennies on the dollar and is now going to chase individuals in Iceland through the courts. This is the same script that these vultures used in Africa. Buy debt that was assumed to be junk then chase either the country or it's citizens through the courts and force a settlement way above the pennies paid. These vulture funds are onions wrapped in enigmas in that no one knows who these animals are.
The Icelandic people are now faced with emigration or 50 years of debt because the Krona isn't worth a damn and they can't discharge their mortgage through bankruptcy.

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