Monday, April 11, 2011

Quote of The Day

Little Iceland has done us a big favour:
"The referendum is likely to have some economic and political consequences. The British and the Dutch governments will undoubtedly grumble, but their options are limited. They can hardly send in the gunboats, as the British did when Iceland extended its fisheries zone in the 1970s. They are not likely to take Iceland to court, either, because the matter is sensitive whichever way an eventual judgment would go, while it is not clear which court would have jurisdiction. In the long run, the No-vote will probably improve Iceland's credit ratings because it means that the country does not have this additional debt to deal with."

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