[nonhuman]

I'm going to be in Reykjavik for about 5 days in November. Probably not going to have a whole lot of free time during the days, but any suggestions on things to do at night? Places to go? Things to see? Dishes to eat (I'll try anything, and love new things.)?

We've still got some Icelanders around here, right?

[ShortcutToMoncton]

Damn expensive, let me tell you! Expect restaurant appies to start in the $20 range. But I do recommend trying some whale meat while you're there; it's quite fantastic and tasty.

Everyone's friendly as hell, and I was very surprised to find that people in Reykjavik spoke the best english of any place in non-english Europe. We just ended up touring around the downtown randomly (it's pretty small!), and there's lots of nice spots to go in (again, subject to wallet lightness).

But of course you've got to visit one of the spas around there. The Blue Lagoon is the big, touristy one, and I must say it actually is pretty impressive.

greg

[Sayf-Allah]

Originally Posted by nonhuman 

I'm going to be in Reykjavik for about 5 days in November. Probably not going to have a whole lot of free time during the days, but any suggestions on things to do at night? Places to go? Things to see? Dishes to eat (I'll try anything, and love new things.)?

We've still got some Icelanders around here, right?

Over a weekend? Or only weekdays?

If you got time I recommend taking the Golden Circle (typical touristy thing to do but still worth it).
http://en.wikipedia.org/wiki/Golden_Circle_(Iceland)

As for restaurants I'll ask my friend who's a chef about that and get back to you. But there are a few traditional dishes you can try that include whale, wind-dried fish, singed sheephead and "pulsa með öllu" (hotdog with everything). But then there are also great restaurants that serve more conventional food like lamb steaks and such.

The pubs close at 01:00 during weekdays and aren't that exciting except fridays and saturdays. But those days the real fun doesn't start until 02-03:00 (because of the price of alcohol mostly). Are you looking for pubs or clubs?

Then we have the usual list of museums if you are into that. And Perlan (The Pearl)

Be prepared to be shocked by the price of things. And if you plan on drinking alcohol remember to buy as much as you are allowed in the duty-free store. Because the price here is ridiculous.

And if you are here over a weekend I can possibly show you around a bit.

If you want a more precise description or if there's anything special you are curious about feel free to ask.

[nonhuman]

I'm going to be there from 4-8 of Nov, so sadly probably won't have much weekend free time.

How do the prices compare with, say, London? I'm pretty used to going out there, so I tend to think that other places won't be that big a deal (at least in terms of sticker shock, if not spending myself into a hole ).

[Sayf-Allah]

Originally Posted by nonhuman 

I'm going to be there from 4-8 of Nov, so sadly probably won't have much weekend free time.

How do the prices compare with, say, London? I'm pretty used to going out there, so I tend to think that other places won't be that big a deal (at least in terms of sticker shock, if not spending myself into a hole ).

0.5L beer at a pub might cost around 4.50 pounds. Since I don't drink anymore I'm not sure how that compares to the UK.

But OK, I'll see if there's something special to do during that time.

Just be prepared for once thing. The weather. At that time it's most likely between 0-10C, rain and windy. So if you plan on being outdoors at all bring clothes for that kind of weather!

I'll post again tonight (or tomorrow) in more detail about what you can do. Just one more thing (if you don't mind). At what time do you arrive and at what time do you leave? Just asking because it can be good to visit the Blue Lagoon on your way to or from the airport instead of making a special trip there.

[voodoo]

Originally Posted by nonhuman 

I'm going to be in Reykjavik for about 5 days in November. Probably not going to have a whole lot of free time during the days, but any suggestions on things to do at night? Places to go? Things to see? Dishes to eat (I'll try anything, and love new things.)?

We've still got some Icelanders around here, right?

Just pack your raincoat and some warm clothes. Other than that, well it will be too dark to see anything there during the nights or afternoons. .. so bring a flashlight.

[imitchellg5]

I've always wanted to go to Iceland. Looks pretty cool there.

[ShortcutToMoncton]

I was actually totally surprised to find out how similar it is to the island I grew up on – Newfoundland. We didn't have the volcanic activity or the glacial interior, but we share the same small-town friendliness that stems from living in a rough, isolated environment, the tendency to party very hard, the puffin, a widespread, isolated and small population that's dying at the fringes....

It was pretty cool, I must say. Very similar feel.

greg

[nonhuman]

Originally Posted by Sayf-Allah 

0.5L beer at a pub might cost around 4.50 pounds. Since I don't drink anymore I'm not sure how that compares to the UK.

But OK, I'll see if there's something special to do during that time.

Just be prepared for once thing. The weather. At that time it's most likely between 0-10C, rain and windy. So if you plan on being outdoors at all bring clothes for that kind of weather!

I'll post again tonight (or tomorrow) in more detail about what you can do. Just one more thing (if you don't mind). At what time do you arrive and at what time do you leave? Just asking because it can be good to visit the Blue Lagoon on your way to or from the airport instead of making a special trip there.

4.5 pounds? Ouch. I think that's about on par with what I was paying for a pint last time I was in London, but I really hate travelling with US Dollars nowadays. I much prefer the beer by the liter I wsa getting in Munich in the Spring.

The weather doesn't bother me so much, I'm more of a cold weather person myself, and have spent enough time in the Welsh, and English countryside to know how to deal with rain. I'll have to check on the times of my flights, but I think the plan is already to visit the Blue Lagoon on the way to the airport.

[subego]

Let me get this straight... your entire country lies above the treeline?

[voodoo]

Originally Posted by nonhuman 

4.5 pounds? Ouch. I think that's about on par with what I was paying for a pint last time I was in London, but I really hate travelling with US Dollars nowadays. I much prefer the beer by the liter I wsa getting in Munich in the Spring.

The weather doesn't bother me so much, I'm more of a cold weather person myself, and have spent enough time in the Welsh, and English countryside to know how to deal with rain. I'll have to check on the times of my flights, but I think the plan is already to visit the Blue Lagoon on the way to the airport.

Actually it's between 3.5 punds and 4 pounds for a beer in Iceland at a bar. Just for the record.

[- - e r i k - -]

0.4 or 0.5?

[voodoo]

Originally Posted by - - e r i k - - 

0.4 or 0.5?

Vi bruker ikke en 'norsk halvliter' paa island

That's 0.5L beer.

[Sayf-Allah]

Originally Posted by voodoo 

Actually it's between 3.5 punds and 4 pounds for a beer in Iceland at a bar. Just for the record.

Maybe at the cheap pubs you go to.


(Or I have no idea what beer costs because I haven't had a beer in a couple of years. )

[voodoo]

Originally Posted by Sayf-Allah 

Maybe at the cheap pubs you go to.


(Or I have no idea what beer costs because I haven't had a beer in a couple of years. )

The way the krona is falling you'll get a beer for 2 pounds next week

[Sayf-Allah]

Originally Posted by voodoo 

The way the krona is falling you'll get a beer for 2 pounds next week

True.

[nonhuman]

That's what I like to hear!

[Andhee]

I second going to the blue lagoon. Absolutely mental, its surreal.



That's a picture I took while I was there!

[Hugi]

Originally Posted by nonhuman 

That's what I like to hear!

Then you'll like this little graph. ISK/GBP exchange rate development over the last three months:

[voodoo]

yeah come november, you'll be able to buy a beer in an icelandic pub for about £3

wheeee

[Sayf-Allah]

Originally Posted by voodoo 

yeah come november, you'll be able to buy a beer in an icelandic pub for about £3

wheeee

Fixed.

If you're lucky Iceland will still be here.......

[Hugi]

Current ISK/GBP status... Iceland is officially broke



Looks like you'll be able to live like a king here, nonhuman .

[ShortcutToMoncton]

So...what does that mean for us North Americaners?

I'd like to go back.....

greg

[Hugi]

Heh - you can use our playmoney too . But - can I use your return ticket? I think I'll be moving soon, our entire banking system has gone down the drains in the past 24 hours.

[Eug]

Originally Posted by Hugi 

Current ISK/GBP status... Iceland is officially broke



Looks like you'll be able to live like a king here, nonhuman .

Iceland's central bank fixes currency rate - International Herald Tribune

The central bank says the krona exchange rate for interbanking business will be fixed at 175 — a level equal to 131 krona against the euro.

The exchange rate index had jumped around 25 percent earlier Tuesday to 257.8.

[Sayf-Allah]

Originally Posted by Hugi 

Heh - you can use our playmoney too . But - can I use your return ticket? I think I'll be moving soon, our entire banking system has gone down the drains in the past 24 hours.

That's putting it lightly.....

There's a good chance of Iceland being the first (and only?) country to go bankrupt due to this crisis. But there's also a chance we'll hurt our neighbors and "friends" while we save ourselves. Depends on how viking-like our government is willing to go.

The rumour is that the government will take over the domestic banking system and let the investments abroad go bust. Especially the investments in those countries that didn't want to help.

[Doofy]

Originally Posted by Sayf-Allah 

There's a good chance of Iceland being the first (and only?) country to go bankrupt due to this crisis.

Well, considering there's only 320,000 of you, you're kind of over-extended. So it's no surprise that this pinch is going to hit you harder than most others.

As of today, Icesave has stopped UK and Dutch withdrawals. That's four and a half billion quid of our money you've basically stolen. Don't be surprised if we turf up wanting our cod back.

[nonhuman]

Well in that case I'll buy you guys a round of beers while I'm there to help bolster the Icelandic economy.

[Sayf-Allah]

Originally Posted by Doofy 

Well, considering there's only 320,000 of you, you're kind of over-extended. So it's no surprise that this pinch is going to hit you harder than most others.

Yup, I read somewhere that if our government would do something similar to the US bailout it would cost us 7-9 times more per capita.

As of today, Icesave has stopped UK and Dutch withdrawals. That's four and a half billion quid of our money you've basically stolen. Don't be surprised if we turf up wanting our cod back.

Hehe, don't worry. We didn't worry too much the last time you came trying to take our fish.

Oh, and many here don't think it's our problem that Icesave is going under. At least the ones I've talked to don't understand why our government is guaranteeing money held by "foreigners".

[Gee4orce]

Iceland is a cool country (in every sense) and the people were very friendly and amiable when I visited. Even if they do still think they are Vikings.

Working out who's related to who in Iceland is a nightmare though, because brothers and sisters actually have different surnames. Weird.

[Doofy]

Originally Posted by Gee4orce 

Working out who's related to who in Iceland is a nightmare though, because brothers and sisters actually have different surnames.

So, just like in Stoke then.

[Sayf-Allah]

Originally Posted by Gee4orce 

Iceland is a cool country (in every sense) and the people were very friendly and amiable when I visited. Even if they do still think they are Vikings.

Think!? We still are vikings!

.....


Or maybe you're right.

Working out who's related to who in Iceland is a nightmare though, because brothers and sisters actually have different surnames. Weird.

It's easy actually.

The surname is basically "son of XXXX" and "daughter of XXX". I'm XXX'sson and my sister is XXX'sdóttir.

(yes, I'm Vin Diesel's son )

[Eug]

http://ap.google.com/article/ALeqM5h...E9vKwD93LRO8O1

The country's top four banks now hold foreign liabilities in excess of $100 billion, debts that dwarf Iceland's gross domestic product of $14 billion.

Holy crap!

[voodoo]

http://business.blogs.cnn.com/2008/1...lands-economy/

[Atomic Rooster]

If they were a full member of the EU would they be bailed out?

Since they aren't I'm thinking they are up sheet creek.

[Eug]

I'm just impressed a country of 320000 is getting $5.4 billion for a bailout. That's $16875 for every single citizen, and even then, it's just temporary.

$100 billion debt held is $312500 for every single person in the country. I wonder what proportion of that debt is bad debt.

BTW, for all the foreign savings, is there any guarantee for that?

For example, I bank with the Indian bank ICICI, even though I'm in Canada, via ICICI's online presence. I also bank with ING Direct, which is from the Netherlands. However, here, $100000 of savings per person are insured so the money won't be lost in case of a meltdown. I have no idea how long they could lock down the assets if necessary, but at least it's insured. Is there such a savings insurance system in the UK? If so, how long can Icesave keep the money locked down?

EDIT:

Yes, it's insured up to £50000. £15500 through Iceland (good luck), and the rest from Britain.

Savers left in limbo as Icesave freezes deposits

British savers have approximately £4.5 billion in Icesave, with an average deposit of about £15,000. Savings are protected up to £50,000 although the first €20,000 (£15,500) or so must be claimed from the Icelandic authorities, with the balance coming from the British Financial Services Compensation Scheme.

Although 95 per cent of British depositors are believed to have less than £50,000 with Icesave, there are growing fears over the Icelandic Government’s ability to finance any compensation. Geir Haarde, the Prime Minister, said yesterday that he believed Landesbanki had enough assets to cover British customers.

[Atomic Rooster]

Change name to Sonneland and lay low for awhile.

[Gee4orce]

Originally Posted by Doofy 

So, just like in Stoke then.

That's a good 'un. I don't come from Staffordshire, and I don't live in Stoke - in fact I avoid the place like the plague - so I'm inclined to agree.

Originally Posted by Sayf-Allah 

The surname is basically "son of XXXX" and "daughter of XXX". I'm XXX'sson and my sister is XXX'sdóttir.

Yeah, but it's the XXX your father's firstname ? So if your dad is 'Eric' you'd be John Ericsson and your sister would be Joan Ericsdottir. Tracing family trees in Iceland must be a nightmare !

[Sayf-Allah]

Originally Posted by Gee4orce 

Yeah, but it's the XXX your father's firstname ? So if your dad is 'Eric' you'd be John Ericsson and your sister would be Joan Ericsdottir. Tracing family trees in Iceland must be a nightmare !

Yup, that's it.

IMO it makes it easier to trace families here. Women keep their surname when they marry so you can always find out (sort of) who the father is. Then you know the fathers surname and so on.

I'm actually able to trace my relationship with every Icelander easily through a project that relies on a study by some genealogist.

But back to the banking crisis.

There are basically two reasons for this crisis in Iceland.

1. The credit crunch
2. The krona going into a freefall.

The Icelandic banks haven't touched any of the bad debt. They've just suffered because of little money being in the system right now. Sucks....

[Powerbook]

Originally Posted by Sayf-Allah 

The Icelandic banks haven't touched any of the bad debt. They've just suffered because of little money being in the system right now. Sucks....

Are you sure about that? I have read in German business newspapers that Icelandic banks had a disproportionate large amount of sub-prime loan business? I really can't think any other explanation would create such large amounts???

Regards,
PB.

[Eug]

Originally Posted by Eug 

BTW, for all the foreign savings, is there any guarantee for that?

For example, I bank with the Indian bank ICICI, even though I'm in Canada, via ICICI's online presence. I also bank with ING Direct, which is from the Netherlands. However, here, $100000 of savings per person are insured so the money won't be lost in case of a meltdown. I have no idea how long they could lock down the assets if necessary, but at least it's insured. Is there such a savings insurance system in the UK? If so, how long can Icesave keep the money locked down?

EDIT:

Yes, it's insured up to £50000. £15500 through Iceland (good luck), and the rest from Britain.

Savers left in limbo as Icesave freezes deposits

British savers have approximately £4.5 billion in Icesave, with an average deposit of about £15,000. Savings are protected up to £50,000 although the first €20,000 (£15,500) or so must be claimed from the Icelandic authorities, with the balance coming from the British Financial Services Compensation Scheme.

Although 95 per cent of British depositors are believed to have less than £50,000 with Icesave, there are growing fears over the Icelandic Government’s ability to finance any compensation. Geir Haarde, the Prime Minister, said yesterday that he believed Landesbanki had enough assets to cover British customers.

The UK govt has stepped in. The money will either be transferred to ING, or else just paid back directly. Then the UK govt will try to get it back from Iceland.

Stuff like this may indeed just bankrupt the country.

Government steps in to protect 500,000 UK savers with money in ailing Iceland banks | Mail Online

Savers with Icesave and those with Heritable Bank whose money has not been transferred to ING Direct will be paid back by the FSCS.

Under normal circumstances the scheme would only cover the first £50,000 that people had lost, rising to £100,000 for joint account holders.

But the Treasury said today that it would ensure that savers would be repaid in full, even above this limit.

[Hugi]

Originally Posted by Powerbook 

Are you sure about that? I have read in German business newspapers that Icelandic banks had a disproportionate large amount of sub-prime loan business? I really can't think any other explanation would create such large amounts???

Yes, it's true. Icelandic banks actually were very well off compared to most other banks and had almost no (if any) sub-prime loan papers. Our money has mostly gone into buying up huge retail chains and financial companies in Britain and Scandinavia. The problem now is simply that, like all banks, they need to refinance - and because of the credit crunch, that's impossible. For example, the first bank to go bankrupt had assured financing for the coming year from Lehman Brothers. Ouch!

Flow of money between banks in the world has all but stopped, and the Icelandic Central Bank isn't large enough to come to the rescue - the three icelandic banks' size is roughly 12 times the Icelandic GDP.

Iceland does not have any currency now, we only have stocks in foreign companies that will now have to be sold off for pocket change. About an hour ago the Central Bank gave up on trying to keep up the value of the Icelandic Krona. Bankruptcies of financial companies are being reported every ten minutes. This is one of the blackest days in Icelandic history.

[Sayf-Allah]

Originally Posted by Powerbook 

Are you sure about that? I have read in German business newspapers that Icelandic banks had a disproportionate large amount of sub-prime loan business? I really can't think any other explanation would create such large amounts???

Regards,
PB.

Yup, absolutely sure. The sub-prime loan business has been untouched by the Icelandic financial companies. All this deep sh*t we are in is because of the credit crunch and the freefall of the krona.

One example of the effect it has on normal Icelandic people:

I bought a car last December when everything was rather stable. I took a loan for the car in Swiss Francs and Yens.
The loan itself has increased 86%. My monthly payments (when taking the exchange rate today) will have gone up 150%.

I made two phonecalls to the company where I have my loan today. Ten minutes between the call. In those 10min my loan went up 27%.

And this is just an small example. Imagine this being a company that needs foreign exchange. They're f*cked. This will also result in all imported good become more expensive.

Basically we're in deep sh*t up here.

[Doofy]

Originally Posted by Eug 

Government steps in to protect 500,000 UK savers with money in ailing Iceland banks | Mail Online

Savers with Icesave and those with Heritable Bank whose money has not been transferred to ING Direct will be paid back by the FSCS.

Under normal circumstances the scheme would only cover the first £50,000 that people had lost, rising to £100,000 for joint account holders.

But the Treasury said today that it would ensure that savers would be repaid in full, even above this limit.

If I actually paid tax I'd be angry about this. Basically, a bunch of plebs going for higher interest rates on their savings who can't be bothered to work out that higher rates equals higher risk and then expecting the UK taxpayer to bail them out when that risk comes knocking.

[Sayf-Allah]

Originally Posted by Hugi 

About an hour ago the Central Bank gave up on trying to keep up the value of the Icelandic Krona.

My example above is the effect of that. One update of the exchange rate after that to be precise.

This is one of the blackest days in Icelandic history.

Indeed it is.

Time to go back to the farming society I think......

[Doofy]

Any good Icelandic news sites in English up there?

[Oisín]

Originally Posted by Doofy 

Any good Icelandic news sites in English up there?

Morgunblaðið, perhaps? (That’s about the extent of my familiarity with the Icelandic press)

[Hugi]

Originally Posted by Doofy 

Any good Icelandic news sites in English up there?

Try this one: http://mbl.is/mm/frettir/english/

Originally Posted by Sayf-Allah

Time to go back to the farming society I think......

Indeed, indeed. Think I'll use this weekend to read up on edible Icelandic plants.

[Doofy]

Originally Posted by Oisín 

Morgunblaðið, perhaps? (That’s about the extent of my familiarity with the Icelandic press)

Ta.

[Sayf-Allah]

Originally Posted by Hugi 

Indeed, indeed. Think I'll use this weekend to read up on edible Icelandic plants.

I'm gonna talk to the in-laws and tell them to buy some sheep!

They already have horses and a farm so all that's needed are some sheep.