i.e. Does propping up the banks allow wealth to flee the bank before the (what now looks inevitable) nationalisation happens anyway?
So if the banking system is so badly damaged, is it worthwhile fleeing anywhere? what are the strong places where it is worth running to? or is any strength in the current climate a chimera? Any idiot can face a crisis - it's day to day living that wears you out.
Bloomberg: Iceland Seeks Loan From Russia, Pegs Currency (October 7)
The central bank said it pegged the krona against a basket of currencies at a rate equivalent to 130 per euro. According to Nordea Bank AB, the krona traded at 200 to the euro as of 11:39 a.m. in Reykjavik. That's 53 percent weaker than the peg implies.
