Thursday, December 20, 2012

Dan White: The economic return of Iceland has proved that the joke was on us - Irish, Business - Independent.ie

Dan White: The economic return of Iceland has proved that the joke was on us - Irish, Business - Independent.ie:
WAY back in the autumn of 2008, the joke in financial circles was that the only difference between Ireland and Iceland was a letter and six months. Now, with the Icelandic banks preparing to issue foreign currency bonds once again, it turns out that the joke was on us.

Remember when the Icelandics did the unthinkable and, unlike Ireland, told bank creditors to take a hike? They also imposed capital controls and allowed the value of their currency to fall – the Icelandic krona has lost almost half of its value against the euro over the past five years...