DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post

**Zzvukttz** · 06-15-2012, 01:51 AM

I guess Iceland was not zog controlled??

Iceland never does anything halfway. And so when it went bust back in 2008, it really went bust.
Jon Baldvin Hannibalsson: It was a total collapse of the financial system.
Former Foreign Minister Jon Baldvin Hannibalsson.
Hannibalsson: All the banks and savings institutions -- even insurance companies -- went bankrupt in a day.But three years on, says the President, Olafur Ragnar Grimmsen, Iceland is doing rather well.
Olafur Ragnar Grimmsen: We are coming out of this crisis earlier and stronger than anybody, including ourselves, could have expected.Iceland is growing again -- and faster than many countries in the Eurozone. That's partly because it's not in the Eurozone. It has its own currency. That fell like a stone after the crisis. And that, says economist Magnus Arni Skulason, made Iceland's exports much cheaper and boosted its main industries.
Magnus Arni Skulason: Fisheries, aluminum exports and tourism. And those industries have been doing very, very well.Another key to Iceland's revival, says Jon Baldvin Hannibalsson, is that its government did not -- could not -- bail out its banks.
Hannibalsson: That meant that foreign creditors -- mainly German, British, Dutch banks -- took a huge loss.

06-15-2012, 01:51 AM	#2
Zzvukttz Join Date Nov 2005 Posts 386 Senior Member	I guess Iceland was not zog controlled?? Iceland never does anything halfway. And so when it went bust back in 2008, it really went bust. Jon Baldvin Hannibalsson: It was a total collapse of the financial system. Former Foreign Minister Jon Baldvin Hannibalsson. Hannibalsson: All the banks and savings institutions -- even insurance companies -- went bankrupt in a day.But three years on, says the President, Olafur Ragnar Grimmsen, Iceland is doing rather well. Olafur Ragnar Grimmsen: We are coming out of this crisis earlier and stronger than anybody, including ourselves, could have expected.Iceland is growing again -- and faster than many countries in the Eurozone. That's partly because it's not in the Eurozone. It has its own currency. That fell like a stone after the crisis. And that, says economist Magnus Arni Skulason, made Iceland's exports much cheaper and boosted its main industries. Magnus Arni Skulason: Fisheries, aluminum exports and tourism. And those industries have been doing very, very well.Another key to Iceland's revival, says Jon Baldvin Hannibalsson, is that its government did not -- could not -- bail out its banks. Hannibalsson: That meant that foreign creditors -- mainly German, British, Dutch banks -- took a huge loss.
	Quote