Dealing w/Intl bankers - Iceland does it right

We can come together here to share ideas on how we can make this idea work, where a local community on a county level produces most if not ALL of their basic needs. You can choose to do it alone, with your family or make it work for your community. We need to change our raw materials from dead-hydrocarbon sources to a living-carbohydrate sources (HEMP). You will be amazed to see how many thousands of everyday used products are made from this bountiful raw material resource.....
pokerkid
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Dealing w/Intl bankers - Iceland does it right

Post#1 » Thu Dec 09, 2010 2:40 pm

Iceland did it right

Pretty simple. The banks got even greedier, their greed crashed into the ice, Iceland
told them to suffer for their own sins, the banks got stuck with the result of their
greed, Iceland is doing well compared to the stupid countries such as the U.S. which
"bailed out" the greedy damned bankers.

BTW, where is your favorite media with this story? I found the url for this on Rense.com.

Txxxx B.

Iceland exits recession

Decision to force bondholders to pay for banking system's collapse appears to pay off as
economy grows 1.2% in third quarter
* Phillip Inman
* guardian.co.uk, Tuesday 7 December 2010 20.18 GMT

Professor Paul Krugman Nobel prize winner Paul Krugman has repeatedly called on Ireland,
Greece and Portugal to consider leaving the euro area and defaulting on debts.
Photograph: Mike Clarke/AFP/Getty Images

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.

The return to growth is likely to put pressure on Irish politicians to explain why Dublin
rejected a more radical restructuring of its debts and a departure from the eurozone.

Iceland's currency has fallen by around a quarter, helping its exports.

Economists on the right and left have recommended country deep in debt restructure
repayments with bondholders, in effect writing off much of the debt.

Nobel prize winner Paul Krugman has repeatedly called on Ireland, Greece and Portugal to
consider leaving the euro area and defaulting on debts.

Iceland's recession has proved less severe and shorter than many analysts and the
International Monetary Fund had feared.

Iceland's OMX share index is up 17% this year, the third-biggest gain in Europe after
Denmark and Sweden, though it remains, at 575, well below its peak of 7500.

Last year Iceland's president Olafur R Grímsson said: "The difference is that in Iceland
we allowed the banks to fail. These were private banks and we didn't pump money into them
in order to keep them going; the state did not shoulder the responsibility of the failed
private banks."

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