Iceland rejects ‘Icesave’ depositors Bill

Icelanders have rejected by a massive majority a Bill that would have saddled each citizen with $16,400 of debt in protest at UK and Dutch demands that they cover losses triggered by the failure of a private bank. This has left Iceland’s IMF-led loan in limbo and prompted Fitch Ratings to cut its credit grade to junk. Moody’s Investors Service and Standard & Poor’s have signalled they may follow suit if no settlement is reached.

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    Germany wants a new Monetary Fund

    Europe needs an institution similar to the International Monetary Fund to combat situations such as the Greek fiscal crisis, according to Germany’s finance minister.

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    The buzz is all around these items. But the market doesn’t care

    While the media and many bloggers continue to follow and report on these stories, most market participants have instead turned their focus to finding secular growth stories, deep-value high yielders to replace the lack of money market interest and other such assorted baskets to put their eggs in.

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