Iceland to grow by 3% this year

Iceland had a horrible 2 years. But they did the right things. They allowed their banks to go bust. It's paying off.

http://www.bloomberg.com/news/2011-...-things-saving-banks-instead-of-taxpayer.html

 

This article has it 100% correct. Iceland is moving on and Ireland is screwed for the next 30 or 40 years.

 

Well, it's not quite that simple...

 

They didnt allow their banks to go bust at all.


They are billions in debt to the foreign depositors in their banks.

 

Worthless debts that are to be repaid over 35 years(!) In effect, banks were allowed to default.

 

Yes, it is.

 

Small companies create jobs within America.
Big companies create jobs in China/India.

Govt must break big companies into smaller companies.

 

The amount agreed to compensate British and Dutch savers can - on a yearly base - never be lower then 1,3% of Iceland BNP or higher then 5% of BNP.

Shortages or surpluses will be shifted into the next year.

Thats not as insignificant as you point it out to be.

Other then that how much did they loan from the IMF? The Scandinavian countries?

 

What is BNP?

I've not heard about this rule either, can you provide a link?

 

Its dutch (for GDP) sorry and so is the link.

http://www.telegraaf.nl/dft/8456900/__IJsland_betaalt_schuld_terug__.html

Anway, I agree they did more then other countries to try and 'flush' the system...but they didnt went all the way obviously out of international pressure.