Request help from the IMF
It seems to me that the sensible solution would be to request the IMF to make an investigation into the events which led to the demise of KSFIOM and then to organise full compensation to the creditors. If the UK, the IOM and Iceland cannot afford to pay out their rightful portions at this time then it should be arranged by the IMF to lend them the funds. The economic situation will improve and these governments will recover in the long run. Surely the Isle of Man needs to salvage it's banking reputation as does Iceland. Can't we put this request through Edwin Coe as, forgive me if I am wrong, isn't the IMF the ultimate authority in solving international financial matters? Also the IMF should be working on the parental guarantee with Iceland.
When the markets recover it will be very difficult for Iceland and the Isle of Man to gain back their reputations ... we as a team, will certainly not allow the public to forget what happened here for many years to come I hope.
What the IMF Does
The work of the IMF is of three main types. Surveillance involves the monitoring of economic and financial developments, and the provision of policy advice, aimed especially at crisis-prevention. The IMF also lends to countries with balance of payments difficulties, to provide temporary financing and to support policies aimed at correcting the underlying problems; loans to low-income countries are also aimed especially at poverty reduction. Third, the IMF provides countries with technical assistance and training in its areas of expertise. Supporting all three of these activities is IMF work in economic research and statistics.
In recent years, as part of its efforts to strengthen the international financial system, and to enhance its effectiveness at preventing and resolving crises, the IMF has applied both its surveillance and technical assistance work to the development of standards and codes of good practice in its areas of responsibility, and to the strengthening of financial sectors.
The IMF also plays an important role in the fight against money-laundering and terrorism. Weren't anti-terrorrist measures unnecessarily implemented in this case?
Has anyone any suggestions?