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    116 Councils around the country have their cash tied up in the Iceland banks..its an extraordinary state of affairs. Only a few days before collapse the advice was still green for go on Iceland. These councils do not have any financial wizards on staff but will of course all be taking advice from financial experts.

    It just goes to show the unpredictability of all this. if the experts made such a massive error with regard to Iceland then almost anything can happen at any time.Once again it was the 'house of cards' effect falling from west to east which took Iceland down along with everyone else. In normal circumstances Iceland would have been safe. It all started when Joe Bloggs couldnt pay his mortgage in Denver.

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