Home > Miscellaneous Musings, Predictions > Iceland out of trouble

Iceland out of trouble

As predicted years ago on this blog, Iceland is the only winner from the Euro crisis.  They followed a different path – the national taxing authority did not assume the private debts of stupid banks despite the enormous presssure on them to do so – and they are now through the tunnel and out the other side, whilst Greece and Italy and Ireland and Spain are still in the deepest darkest part of the debt tunnel with absolutely no prospect of escape.

You must repudiate unrepayable debt in order to grow.  How difficult is it to understand this basic fact?

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