While traveling abroad, as part of Stinque International Outreach, I happened to be in Reykjavik overnight before heading west to the fjords. Iceland has a population of just over 300,000, of which 200,000 live in the capital. In the summer months there are more tourists on the island than inhabitants. Our global financial collapse began in earnest when three small icelandic banks were taken out of government control, decided they wanted to replace JP Morgan, made crazy deals, promised the moon, and then cratered.
To rescue/punish the nation, the IMF imposed harsh penalties, strict austerity measures, and a gradual repayment of the huge private debts the banks had accrued with public money. Icelanders said ‘fuck you’, threw out the government, elected a woman as prime minister, and took their finances back under government control. Will they make it?
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