5 ms·
Isn't Iceland broke?
by bruceboughton 16y ago
Isn't Iceland broke?
- sasvari 16y agoHaving liabilities doesn't mean that there isn't going to be any kind of investment in the country. And thanks to Iceland's unique geothermal situation, especially with hydroelectricity the power industry is thriving there ... (attracting i.e. energy intensive aluminium plants)
- siculars 16y agoIceland is a net energy producer. That means they will never be broke. They just happen to owe certain countries a few billion bucks which they may or may not pay back.
- eru 16y agoWhy can you never be broke if you produce energy?
- sliverstorm 16y ago1) You have a free source of money, so you can pay off all your debts with time 2) You will probably always have someone by the balls
- nanairo 16y agoEh??? By that account everyone should be able to pay off all their debts. It's not enough to have a "renewable" source of income (such as tourism, moderate farming/fishing, solar energy, etc...). Everyone, including countries, also have bills to pay. And if you have a debt you also have to pay the interest on your debts. As long as the money they make from this renewable energy source is less than what they need to pay for their bills (e.g to import food) plus the interest in their debt, they are still losing money.