Sunday, July 22, 2012

Iceland Jails Bankers, Erases Citizens’ Debt, Recovers Strongly | Disinformation

Iceland Jails Bankers, Erases Citizens’ Debt, Recovers Strongly | Disinformation:
Seriously, the most advanced place on Earth. Bloomberg writes:

Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

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.

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...