“The per capita debt burden of €20,000 imposed by the EU [for the bank bondholder bailouts] on Ireland is almost double the estimated debt of €12,000 rejected by Iceland. Indeed, Ireland’s debt now appears to be bigger, in relation to its economy, than the reparations imposed on Germany after the First world War.”
“The British and Dutch governments, instead of imposing new financial sanctions, simply announced that they would now transfer their disputes with Iceland to an obscure European court…”
“Financial markets, far from putting defaulters into some kind of economic quarintine, normally resume lending with gusto once an unsustainable burden of national debt has been removed.”
“In Iceland, this period of debt servitude now appears to be over and a robust economic recovery should soon begin.”
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