Terms of interest-bearing loans and borrowings, 1.1 - 3.31, 2010 (p23)

10% of Reykjavik Energy debt is denominated in ISK, of which 94% is FX-adjustable rate. I'd be guessing, that 22 super-size paid for island CRE craters, say, 2004-2008. Or vig, depending. In any event, it would be difficult even for the best comedian to squeeze a bathos from this pimple on corporate privileges which the city manager and shareholder-ratepayers (cf "guarantee fee to owners") have enjoyed. Depends. I'd want to know how much retail rates fluctuated 2008 to the present and what proportion was attributed to uh capital expenses.

Diversity is the key to economic and political evolution.