Iceland exits recession

[CHIMO]

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.

In contrast to Ireland, Iceland's taxpayers refused to foot the bill for the debts accumulated by the banking sector. Bondholders were told to accept dramatic reductions in the value of repayments on bank debt after the sector borrowed beyond its means to fund ambitious investments abroad.

http://www.guardian.co.uk/business/2010/dec/07/iceland-exits-recession-third-quarter

Iceland. A country swamped by debt.

A country of 320,000 people.

Moving forward.

[Kennah]

1. There's an upside for Americans

It gives us yet another country to which we can relocate to improve our standard of living and perhaps survive the consequences of climate change.

[howaboutme]

2. That's because they aren't

controlled by billionaires and a media monstrosity controlled by the same billionaires. They got the honest unfiltered word and told their government to let the banks and others that caused it to go bankrupt. You'll never read or hear this on the USA media.

In the USA we gave the banks trillions after the bankers stole trillions and were told to bend over and enjoy it.

[Ichingcarpenter]

3. You really ought to post this in General Discussion

they also said......... fuck the banks.
and then arrested some of banksters.

[CHIMO]

4. Go

Ahead and post it there.

Once I have posted an article it is available to anyone that might wish to make it available on any site here.