FAROE FRIDAY: FINANCIAL RESCUE EDITION
Despite what the hastily written title may imply, the Faroes are not in need of a financial rescue. In fact, just the opposite is true. The Faroe Islands are helping to bail out another country.
This week, the new prime minister of the Faroe Islands offered Iceland a 344 Kroner (about $60 million US) loan. While $60 million may not seem like all that much money compared to the billions being thrown around in the US right now, it's important to understand that the Faroe Islands only have a population of 48,000. This loan amounts to 2% of the Faroe Island's GDP. Two percent of the US GDP would be about $230 billion.
The top photo was taken from a collection by Arne List. He's a German man who has taken some great pictures of the Faroes. More on him in a later Faroe Friday edition. This particular bank is very old, and in Torshavn. I believe it's another branch of the famed Eik Banki. It was sent my way by none other than Faroe Man. That's about all I know about it.
Labels: Faroe Islands