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Did Iceland get it right?
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Since they elected Kerry Katona Prime Minister of Iceland and she made them go bankrupt they've come out much strongerWhat happens in General, stays in General.You know what they say about assumptions! -
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That article is a conspiracy rant which lost me.
Iceland had the advantage of not being in the common currency.
And, being a comparatively tiny economy, they could turn it around a lot quicker than, say, the UK could. Plus get away with their comparatively small defaults.Comment
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The article is too simplistic. Iceland had bad banks, a bit like Ireland, the big problem in Europe is not bad bank debt, all though that is a problem, the problem is longterm structural deficits. In fact Ireland which is comparable is also doing well, in spite of the fact that it didn´t default. In fact Greece has already defaulted a large amount of debt but still needs to get it it´s deficit down.I'm alright JackComment
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Originally posted by BlasterBates View PostThe article is too simplistic. Iceland had bad banks, a bit like Ireland, the big problem in Europe is not bad bank debt, all though that is a problem, the problem is longterm structural deficits. In fact Ireland which is comparable is also doing well, in spite of the fact that it didn´t default. In fact Greece has already defaulted a large amount of debt but still needs to get it it´s deficit down.
BUt IMO(I know you will disagree) being in the Euro makes it all so much worse for them.
Yesterday at Victoria station I saw someone collecting for Greek animals. I got very angry at those running the Euro who insist on causing misery to the bottom 80%(and untold misery to the bottom 40%) by the few who are keeping the Euro going for political purposes only.
Then I realized that there must be at least 50% voting for those causing the misery - maybe people get what they deserve?Comment
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