Monday, October 26, 2009

Iceland pays for its banking mistakes!

Remember all that analysis of how Iceland played fast and loose with the mortgages that were all packaged up, and how when the bubble burst their banks owed way more than what their GNP itself was?  Iceland was one huge ponzi scheme by itself?
Irony then in the latest development.  Of all businesses, McDonald's decides that it needs to shut down its three burger joints there!:
the restaurants imported the goods from Germany, but that costs had almost doubled, with the falling krona making imports prohibitively expensive.
Mr Ogmundsson said the restaurants had "never been this busy before... but at the same time profits have never been lower".
"It just makes no sense. For a kilo of onion, imported from Germany, I'm paying the equivalent of a bottle of good whisky,"

No, not the McD's!!!

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