If you have "no place to go," come here!

If Iceland can do it, shouldn't others?

Fitch said Iceland's debts had been upgraded to BBB from junk after a strong recovery from the financial crisis.

Reykjavik's meteoric recovery comes after its 300,000 residents were told they would be locked out of the world's financial markets for decades after they refused to rescue a group of bankrupt banks in 2008.

Unlike Ireland, Portugal and Spain, the Icelandic government let the country's banks become insolvent rather than spend tens of billions of pounds on bailout funds.

Ireland, which spent more than €40bn rescuing its banks, recently re-negotiated a series of loans with the EU that will mean its debt payments stretch beyond 2050.

From here.

In the meantime, U.S. and European citizens are still paying for the bailouts of banks that are STILL TBTF.

And here we go again: Wall Street Setting Itself Up For Next Derivatives Crisis, Market Participants Warn

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Submitted by ubetchaiam on

The key part of the Iceland story -for me- was the populace rejecting via referendum TWICE any effort by the government to mollify the int'l banksters and their cronies.