[taki1]

Somehow never was true with Iceland. They never repaid and they are just fine. Actually better than fine. I still remember all this fear-mongering coming from mainstream (i.e. the Economist) that the world will come to an end for Iceland if they don't repay. Nothing happened. They are in much better position than Greece. But they said no to EU demands. They said no to IMF demands. They showed big finger to bankers. And that's the lesson for Greece. They should quit Euro (Merkel will never allow because others would follow suit) and debase currency. Do exactly as Iceland did.

[pash]

Iceland's situation was nothing like Greece's. Iceland's government defied international pressure to nationalize the debts of its three big, private banks. The banks defaulted, but there was no sovereign default.

[taki1]

The creditors from UK and Netherlands were really pissed off and still are. So mainstream is rewriting the history now?