'Iceland exits recession': Telling the Private sector to clean up its mess paid off, page 1

www.guardian.co.uk...

Iceland's decision two years ago to force bondholders to pay for the banking system's collapse appeared to pay off after official figures showed the country exited recession in the third quarter.

The Icelandic economy, which contracted for seven consecutive quarters until the summer, grew by 1.2% in the three months to the end of September.

Iceland famously agreed in a referendum to reject a scheme to repay most of its debts that were once worth 11 times its total national income.

Well it appears that Iceland which is the only European nation to actually not foot the bill for the private bankers has had their policies pay off. With their economy doing far-better than analysts and the IMF feared, a large jump in exports due to a weakened currency, and a restructuring of their financial center to correct this depression in Iceland all appeared to pay off.

Last year Iceland's president Olafur R Grímsson said: "The difference is that in Iceland we allowed the banks to fail. These were private banks and we didn't pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks."

The question I now want to ask is if Iceland is reconsidering joining the European Union now that the Euro is collapsing and the debt burdens on EU states is virtually tearing the Union apart while the Eurocrats try and seize more and more power of the nation states. Will Iceland tell the EU “no thanks” as well?

Either way Iceland did the right thing unlike Ireland and is now reaping their rewards. It was an extremely sharp decline but it paid off in the end.

Iceland debt payment referendum 2010

93.18% No
1.80% Yes

reply to post by wayno

---

We are simply dragging ourselves through our own mess after bailing out these Private banks and businesses. The government has no Constitutional right to have done that and add to that it screwed us all over while this year has been the best on record for Wall Street while Main Street is being destroyed.

Iceland was right both economically and morally that is why they will come out ahead in all of this.

reply to post by The_Gypsy

---

Of course we won’t receive any return on our investment. In actuality this is not Socialism though this is in fact Corporatism and Crony Capitalism or as some might say Socialism for the Rich.

reply to post by Misoir

---

I meant that the Gov't turning a profit from business is socialism but, you're right it's not, it's Fascism. What we have now is corporatism. Take tax money and give it to your bankster buddies. Jerks.

reply to post by Misoir

---

S&F

...The way I remember it - the women took over after the collapse, and told the guys to clean up their own darn mess.

Memory is a funny thing, isn't it...

Memorial day thoughts.
  Posted 3 days ago with 11 member flags

Global governance and the challenge to the American Constitution
  Posted 11 days ago with 5 member flags

Abraham Lincoln Filed a Patent for "Facebook\' in 1845..? (HOAX)
  Posted 19 days ago with 3 member flags

Explosive Scoop on Obama from Breitbart.com
  Posted 10 days ago with 1 member flags

Newest topics, updated in real-time:

Newest topics getting flags, in real-time:

Newest topics getting replies, in real-time: