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Well, Iceland has a population of around 320,000. What we seem to have from Iceland is Bjork and dodgy banks. It is bigger by population than the Wirral and slightly smaller by population than Wakefield. Were it to be an English local authority by population it would be the unlucky 13th largest.

If they borrow approx £3bn from Russia that works out at around £10,000 per resident (including babies). More importantly this is real money that is needed to be paid back to Russia. The funding offered by the UK government is the availability of funds which in itself is likely to make the actual offering of funds less likely.

HSBC have already said that they don't want any money from the government. It is obviously best for banks not to have to call on the solvency money and when people are assured of solvency then they should be comfortable to provide private liquidity.

This is, however, uncharted territory.

There are two big problems that face the world and this country to varying levels. In the world there is a property overvaluation. This has been exacerbated by the government's policies in this country so they have to accept some responsibility for this. The second problem is a shortage of energy that is over time likely to get more severe. In the UK was have made a really big mess of energy planning that so far has affected prices, but not caused power cuts. It is likely to cause power cuts as usual depending mainly on the weather.


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