ICELAND has a population of about 300,000 people. After last week’s events, Iceland’s banks now owe the rest of the world £35 billion, or £116,000 for every man woman and child in the country.
Scotland had a lucky escape. Has HBOS and RBS needed bailing out by an independent Scottish government, it obviously couldn’t have happened. And instead of the British prime minister demanding that British investors’ money is returned from Icelandic institutions in full, we would have had an English prime minister demanding that English investors’ money in Scottish institutions be returned.
And no Scottish government could afford to comply without bankrupting the country.
That’s just commons sense. It’s not so much a Unionist perspective (though I am a Unionist) as the perspective of anyone who can add one and one together and see things as they are. That the nationalists in Perth this weekend are unable – not just unwilling – to understand this reality, says a great deal about them.