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Anorak | British Town Halls Lose Millions In Iceland Bank collapse

British Town Halls Lose Millions In Iceland Bank collapse

by | 10th, October 2008

THE economic crisis is hitting people everywhere.British local governments decided to place their money and faith in Icelandic banks.Rates of interest proving too tempting for over 100 town halls who thought it looked a sure winner.They were wrong.

Their millions(reports say around a BILLION pounds) has been LOST in this crisis.

Questions:

Where do local governments get enough excess finanacial funds to invest in banks? Why are the citizens continuing being charged more and more for services by local town halls when many have plenty of money to invest in foreign banks?

How many people prior to this severe economic crunch(munch) even had any IDEA that their local government was investing large amount of public money in banks in Iceland?

The town halls are now screaming for the RETURN of their money,but these town hall officials took a risk, and now its all gone belly-up they not only want their money BACK but reports suggest they want the

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