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Iceland, incidentally, remains the only European nation to recover fully from the 2008 crisis. Iceland even managed to pay its outstanding debt to the IMF in full — in advance of the due date.
Iceland recently jailed its 26th banker — with 74 years of prison time amongst them — for causing the financial chaos. Meanwhile, U.S. banking criminals were rewarded for their fraud and market manipulation with an enormous bailout at the taxpayer’s expense.
originally posted by: Atsbhct
....this is equal to 225 USD. Still nice, but not enough to move anywhere.
The State of the Bailout
OUTFLOWS: $617 billion This includes money that has actually been spent, invested, or loaned.
originally posted by: MrSpad
For Iceland this was simple because the amount of money involved was tiny compared to large nations. 19 billion was the combined debt of the banks. They let them fail and replaced them with 3 new banks. With loans from the IMF and Scandinavian countries to soften the blow. Nobody had trillions to loan the US and Europe so they could let things collapse and land softly. What path would Iceland have chosen without those loans? Likely the same as everybody else.