Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit eventin Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.
http://www.bloomberg.com/news/2012-...ebt-relief-in-best-crisis-recovery-story.html
Where has 3 years of austerity mesasures really got us compared to Iceland's resurgence 4 years after their default.
The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit eventin Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.
http://www.bloomberg.com/news/2012-...ebt-relief-in-best-crisis-recovery-story.html
Where has 3 years of austerity mesasures really got us compared to Iceland's resurgence 4 years after their default.