Iceland Is No Ireland as State Free of Bank Debt, Grimsson Says

Iceland’s President Olafur R. Grimsson said his country is better off than Ireland thanks to the government’s decision to allow the banks to fail two years ago and because the krona could be devalued.

“The difference is that in Iceland we allowed the banks to fail,” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”

Webmaster's Commentary: 

And if we here in the USA follow the same wisdom of allowing the bankers to collapse from their own greed and mistakes, and not loot the people to prop them up and save them from their own criminality, we too will be better off!

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