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Iceland
Topic Started: Nov 17 2012, 10:52 PM (158 Views)
Caro

This morning a discussion about the global credit crunch and the EU etc elicited an email which said more or less "Why don't other countries (Greece, etc) take on board what Iceland did? They left the banks to go bankrupt and now Iceland is doing well, with almost full employment."

Do any of you know more of the situation in Iceland - what did letting the banks go bankrupt mean? And how did that affect people with money in them? Or mortgages? How did it come right by doing this?
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waiting4atickle
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I don't know about the banking angle, but I believe a major factor in Iceland's economic recovery has been a big devaluation of its currency. This is a strategy not available to Greece - unless it leaves the Euro, of course.

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Lurkalot

Caro
Nov 17 2012, 10:52 PM
Do any of you know more of the situation in Iceland - what did letting the banks go bankrupt mean?
Aye, they can now party like a celeb! <laugh>
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Norm Deplume
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I can remember when Iceland was called Bejam
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caissier
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Oh yeah, Norm! ... That's right!

i read recently that though Iceland has made a recovery there are a lot of very out-of-pocket, very unhappy creditors, some in desperate straights ..... which won't be forgotten.
Edited by caissier, Nov 18 2012, 07:13 PM.
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tafkaj

Of course they've got full employment, there are only about 350,000 of them - they're all snow plough drivers! <laugh>
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