(Valdimarsson 2012) Icelandic anger brings debt forgiveness in best recovery story


Valdimarsson, Omar R. Icelandic anger brings debt forgiveness in best recovery story. Bloomberg News. 2012 Feb 19. Available from: http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html. Accessed 2012 Apr 19. Archived by WebCite at http://www.webcitation.org/672QGFpMo.

Valdimarsson describes how, after defaulting on $85 billion of foreign debt in 2008, Iceland has succeeded in attaining an economic recovery and a rate of growth exceeding the averages for the Eurozone and for the developed world as a whole. In sharp contrast to the handling of the subprime mortgage crisis in the USA, extensive debt relief has been extended to individual consumers, while top-level bank executives have faced criminal prosecution.

 

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