What Ireland and Greece have done is "reduce" spending and massively increase debts, and that is the reason it is failing. The sooner the powers that be realise that it is the debt level that is crippeling the country the better. But all indication is that they have no comprehension of what the actual problem is.
I don't think they have no comprehension of the problem. I think the problem is that their hands are tied.
. The sooner the powers that be realise that it is the debt level that is crippeling the country the better. .
Are we not still spending more than we earn, and borrowing to fund that spending?
I would also like to know did people with savings lose money in the bank default. Was there any guarantee given to a certain amount. I would be rightly ticked off if people had debt written down but my savings went west as well.
See this article here.Nobody answered this question. Did savers lose their money? I have a strange feeling they did... and if so would this not reward the reckless borrowers and penalize the prudent savers??
According to that article, they have come to agreement once again - but it has to go to the Icelandic president for approval next...The UK and Dutch governments compensated the savers in their respective countries and are now trying to get the money back from the Icelandic government - to no avail as of yet, I believe.
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