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It looks a lot like how Greece was looking a few weeks back. (Probably still is looking in all likely-hood) Most of the national debt is written off, public s
by incomethax 16y ago
It looks a lot like how Greece was looking a few weeks back. (Probably still is looking in all likely-hood)
Most of the national debt is written off, public services are cut or re-financed through printing money which has the nasty side effect of inflation and then eventually hyperinflation.
Here's some examples: http://en.wikipedia.org/wiki/Hyperinflation#Examples_of_hyperinflation http://en.wikipedia.org/wiki/Hyperinflation#Examples_of_hype...
- startuprules 16y agoAnybody with personal accounts from Iceland?
- nedrichards 16y agoYes. And since I lived in the UK my government impounded Icelandic owned assets up to their value[1] to pay me back my money. Yay for international relations! [1] http://www.telegraph.co.uk/finance/businesslatestnews/3185190/UK-freezes-4bn-of-Icelandic-assets.html http://www.telegraph.co.uk/finance/businesslatestnews/318519...
- Ardit20 16y agoYeah. Those were strange times. The PM had the decency to threaten to use anti-terrorism laws against Iceland!
- jeromec 16y agoInterestingly, Eurozone members like Greece can't hyperinflate their currency, since members share common currency, but can't simply print it on their own. The worst they can do is default, which would still have a nasty financial domino effect, but it does leave open the possibility of kicking Greece out of the Euro and taking the hit.