1500 Companies Will Go Bankrupt

iceland life thoughts May 14, 2011

On the front cover of today’s edition of the Icelandic newspaper Fréttablaðið there is an article about the problem that Icelandic companies are facing. In the article it is stated that of the 6.000 small and medium sized companies in Iceland 1.500 will most surely go bankrupt without some actions from the Icelandic government and banks. Another 2.500 companies are also facing financial difficulties so the number could go much higher then 1.500.

The government in cooperation with the Icelandic banks is now launching a program called “beina brautin” aimed at assisting small and medium sized companies. So far we still don’t know how it will turn out or what it will actually be able to do to these companies.

The fact that the government jumped in right after the crisis to help out the banks and many larger companies but is just finally now trying to assist smaller companies just once again proves the saying:

“it is better to owe the bank $10 million then $10 thousand”.

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