Confidence in the global banking system was dealt a fresh blow today, when it was revealed that the six Icelandic banks seeking state debt guarantees own most of the UK. Despite having a population of just 218 and a currency based entirely on cod, the tiny Atlantic nation successfully borrowed sufficient capital to buy Birmingham, Cornwall, Fife and much of East Anglia during the late 1990s.
The Icelandic Government has moved quickly to calm fears that the more attractive parts of Britain will be sold to Spain, in an attempt to claw back some of the £27 trillion now owed to international financiers.
Icelandic Trade Secretary Bjork said: “Wheeeeeeeeeai! Thrill in the parade of One! Sparkle! In glorious phantoms and cream!”
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