La storia della banca centra d’Islanda mi sta appassionando. Mentre il paranoico è impegnato su tutti i fronti a cercare di capire dove sono stati seppelliti i rifiuti tossici nella sua regione di provenienza, la Campania, l’Islanda diventa l’esempio dell’interventismo Statale nell’economia. E lo si dichiara senza mezzi termini, leggi ad hoc per risollevare, anzi per prevenire(!), la crisi economica che sembra imminente abbattersi su tutti noi. Eh si, il paranoico si chiederebbe proprio come prepararsi ad una eventuale crisi sui mercati finanziari, come si raddoppiano le proprie riserve valutarie e soprattutto come è possibile che una banca debba farsi prestare soldi. Vuol dire che non se li può stampare da sola? E perché gli serve una legge? Cosa vuol esattamente dire che i politici si sono impegnati per mantenere l’inflazione sotto controllo? Vuol dire che i politici controllano l’inflazione oltre al minimo salariale, le tasse da pagare…?

Chi si ferma è perduto, chi si perde è fottuto.

Iceland proposes law to let it borrow $6.9 bln

By Kristin Arna Bragadottir
REYKJAVIK, May 28 (Reuters) – The Iceland government has proposed legislation to allow it to borrow as much as 500 billion Iceland crowns ($6.91 billion) this year in a fresh bid to underpin the currency, the finance minister said on Wednesday.
“We are proposing this legislation because we want to be in a position to react and be prepared for a crisis should the situation on foreign markets change for the worse,” Finance Minister Arni Mathiesen told Reuters in a telephone interview.
“We would double our current currency reserves with this legislation and it is first and foremost to have more options, to react to a potential global financial crisis.”
The minister said if the legislation passes, Iceland will borrow at least part of this sum on international markets when conditions allow.
“I cannot say when, but we expect to use at least a part of this authorisation to take a loan when situations in foreign markets allow us to do so,” he said.
Iceland’s central bank reached a deal with the central banks of Norway, Sweden and Denmark on May 16 to allow it to buy euros with crowns through swap arrangements, each for as much as 500 million euros ($786 million). At that time, Prime Minister Geir Haarde suggested the government was developing measures of its own.
“I wish to emphasise that the government is committed to pursuing a long-term policy of economic growth and structural reforms in order to increase economic stability,” Haarde said after the Nordic central bank deal.
Policymakers have been struggling to get inflation under control and to underpin the shaky currency, which has stabilised recently after a bout of sharp selling sparked by concerns over risks to the Icelandic economy.
However, the central bank held off lifting rates from the current record 15.5 percent at its rate meeting on May 22 and many analysts believe that barring a severe deterioration in the inflation picture, rates may have peaked.
Icelandic commercial bank Landsbanki said in a research note that it expected the finance ministry’s proposed legislation to pass this week.
“Market conditions will control how, when and to what extent the funds will be sought but the legislation allows the government to respond quickly,” Landsbanki said.
“The proposed legislation … suggests that an expansion of the current 2 billion euros (in addition to 1.5 billion euro swap facilities with other Nordic central banks) will be carried out within the next few weeks.”
Landsbanki said Icelandic Treasury note yields had risen recently on the back of increased supply and promises of actions to ease financial market conditions after a downdraft earlier in the spring caused by limited supply and a “clogged” currency swap market.
(Reporting by Kristin Arna Bragadottir in Reykjavik, via Stockholm Newsroom; Editing by Gerrard Raven)