Ben Sternthal & Friends

Yep so the icelandic govt is incompetent. That’s been proven by a complete collapse of the economic system. No debate here… but you’d think they would start to think forward…about ways out of this mess…hmmm say like helping small businesses. Well instead Icelands govt passed some emergency measures to protect the kroner. These include:

• trading between domestic and foreign parties in domestic securities and other crown-denominated instruments
• purchases by foreign parties of crown-denominated securities through domestic parties, unless they already own crown assets that could be used for this purpose

Full details here. This effectively prevents a startup or any small business from raising money abroad. Further…this prevents any investor or employee from having any freedom to move currency from the proceeds of an acquisition or other type of exit. Whoah!!! What the hell.

I have heard rumors (unconfirmed) that this was a mistake and is only temporary to

ben iceland, startup