The Economy and whaling
Where does the global financial crisis leave us in respect to the whaling debate? Iceland has seen huge problems with all its leading banks apparently in major trouble.
One of my colleagues noted to me yesterday that last week, the third largest Icelandic bank, Glitnir, had to be bailed out by a 75% share buy out from the Icelandic government. Glitnir’s main focus is the seafood industry.
Today it was announced that Landsbanki, the Icelandic national bank, has sold its major European holdings (380 million euro worth) to the Straumur-Burdaras corporation.
Landsbanki has also had a major focus on the fishing industry sector.
The result has been what the media are calling a “free fall” for the Icelandic kronur.
Well, one conclusion is that Iceland is going to have to look to tourism as a major source of foreign revenue. Whale watching could be a major draw. If only they would give up the whale killing, maybe even more people would be willing to come.
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