Iceland: better off because banks failed, currency devalued – Bloomberg


From Bloomberg:

The Bat-Man

"I don't have to save you, Ras-al-guul"

Iceland’s President Olafur R. Grimsson said his country is better off than Ireland thanks to the government’s decision to allow the banks to fail two years ago and because the krona could be devalued…

“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.”

As a consequence, “Iceland is faring much better than anybody expected,” Grimsson said.

Read more here.

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