Icelandic Luck
05/24/2011 | | Bank Bailout, Default, econ70.com, Elliot's Brief Blog, Graphsandlaughs.net, Iceland, investors, Too Big to Bail Out
The gov’t of Iceland wasn’t smart. It just couldn’t afford to bail out its banks, so they failed and foreign creditors including the UK and the Netherlands got badly burned, to the tune of $6 billion. While Iceland has suffered, their economic performance has been fabulous compared to Greece, Ireland or Portugal. The lesson, bailing out investors can kill your economy.