Posted on 06/22/2012 6:25:51 PM PDT by DeaconBenjamin
Iceland, whose economy has recovered rapidly following the 2008 collapse of its banking sector, on Friday repaid $483.7 million in loans to the International Monetary Fund.
Iceland's main commercial banks collapsed in the space of a week as the global financial crisis struck in late 2008, imploding under the weight of huge debts built up during an aggressive overseas expansion.
The early repayment, which follows another one of more than $900 million in March, is a symbolic step for the country of just 320,000 people as it works its way out of a financial meltdown that ravaged the economy.
Iceland's main commercial banks collapsed in the space of a week as the global financial crisis struck in late 2008, imploding under the weight of huge debts built up during an aggressive overseas expansion.
But the country's rebound has been equally surprising. Iceland's economy expanded in the first quarter at its fastest pace since its near-meltdown, powered by a surge in exports, tourism and domestic consumption.
Gross domestic product grew 2.4 percent quarter-on-quarter in the first three months of the year to put annual economic growth at 4.5 percent in the period, the highest since the first quarter of 2008.
The Icelandic government was forced to seek aid from the IMF and its fellow Nordic countries to stabilize its economy, and it imposed rigid capital controls to avert a complete collapse of its currency.
(Excerpt) Read more at telegraph.co.uk ...
What do they make in Iceland?
They did what we and Europe should do... let it collapse. It has to. You can’t reward bad investments by keeping the people and companies and banks who made them alive. Same goes for the federal debt.
The collapse has to happen doesn’t it? Somebody has to lose.
“What do they make in Iceland?”
Other than hot blonde chicks?
Fish and Fish products. About half of export earnings.
Eco Tourism—it is the scene for “beyond the Wall” on HBO’s Game of Thrones.
Software and Biotech.
Export aluminum.
They didn’t bail out the banksters.
Everything that is going on is "kicking the can down the road"...but will ultimately fail....
...if he is right...we are in for a rough ride for a while
8 World’s Strongest Man titles.
What do they make in Iceland?
I don’t know about now, but when I moonlighted at Home Depot back in 2004, practically all the incandescent light bulbs of every major brand were produced there - something like 90% of the USA’s supply.
Light bulbs...who’d have thunk it?
A subscriber here recently argued that Iceland hadn’t recovered at all. Interesting to note in light of the publication of the posted article above, BTW, that one of the issues with Iceland was its rejection of dependency on and administration by the UK.
Maybe Greece could learn some lessons?
Exactly.
And it should be the bankers. They were the ones who made stupid loans.
“Play stupid games, win stupid prizes” should be the rule for the banking sector.
THAT is a surprise. Whoda thunk it? Not me.
Whatever it is, it is enough to dig themselves out of their hole and they will do it long before we ever will. If we get out of this ditch at all.
Aluminum and fish are the main ones. The Eve online role playing game and genetics research with their relatively inbred population are the only high tech things I can think of.
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