Iceland Offers Risky Temptation For Ireland as Recession Ends

By Ambrose Evans-Pritchard

Iceland’s president, Olafur Grimsson, irritated EU officials last month when he said his country was recovering faster because it had refused to bail out creditors – mostly foreigners.

“The difference is that in Iceland we allowed the banks to fail. These were private banks and we didn’t pump money into them in order to keep them going; the state should not shoulder the responsibility,” he said.

The comments came just as the EU authorities were ruling out investor “haircuts” in Ireland, making this a condition for the country’s €85bn (£72bn) loan package.

Continue reading the article . . .

Catherine Austin Fitts’ Blog Commentaries

Iceland’s Former PM Taken to Court
(29 Sept 10)

Bjork Takes On Magma to Stop Takeover of Iceland’s Geothermal
(24 Aug 10)

The ‘Hearts and Minds’ of Operation Moshtarak
(21 June 10)