A lot of this was big hedge funds trying to profit from bringing down the Icelandic banking system. They bet on them going bust or buy in when share are really down. Now the Credit defaults swops, which had risen sharply for the banks has now been greatly reduced. The currency which was over valued and dropped 25% has stablised and has made gains in recent days. You dont here our media reporting this though???

The papers in the UK would not dream of making such an assult to bring a UK bank down, northern rock brought itself down. There are many UK banks which are wobbly, which the UK papers and media could report on.

Landbankin will be releasing details of its performance for the 1st quarter of 2008 which will be interesting.