So Ross Beaty of Magma Energy is finally finding out why foreign investment in Iceland is a perilous game at the moment.
There is still too much dust which has yet to settle from the economic crisis of 2008.
There are still too many politicians who have not learned anything from it in Althingi. The government does not have the trust of its citizens and the opposition is filled with demagogues.
And the way his business was conducted still needs to be discussed in Icelandic society. People are not thrilled at the prospects of bullet loans with shaky collaterals and public guarantees at the moment. And he does not need to play a victim with his relaxed stance towards transparency.
Related posts:
Lino
1 year ago
his answer is not completely bogus: while 100% self serving with its own fair share of spin, even taking into account cultural differences, it states, directly or indirectly, intelligent and reqsonable points:
- were Magma 100% EU, would it have been different?
- Magma would invest (new capital), create wealth and jobs for Iceland, while serving its own interest;
- without Magma, does Iceland have credible alternatives?
Is 10%, 20% or 50% of something better than 100% of nothing?
Dadi
1 year ago
I think the whole back story is much more complicated than that Lino.
People just do not trust the politicians and businessmen who were behind the whole deal, as their previous work has usually left the taxpayers and voters with a huge bill and their colleagues richer.