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Probably one big difference is the types of economies involved. From what I have read of Iceland, it's export driven, so a low dollar (i.e. krona) is a blessin
by jussij 14y ago
Probably one big difference is the types of economies involved.
From what I have read of Iceland, it's export driven, so a low dollar (i.e. krona) is a blessing and leads to prosperity.
Greece on the other hand is a net importer so a low dollar means poverty and misery.
Edit: Added krona reference.
- recipro 14y agoSeems you got this the wrong way around. Unless by dollar you meant "whatever their local currency is called ... which for me happens to be dollar ... so I will just call everybody's currency a dollar"
- damian2000 14y agoBut isn't tourism a huge part of their economy... i.e. foreign tourists bringing in foreign currency which would be great when the local currency is low?
- jussij 14y agoIt is, but overall their economy is a net importer: Economy of Greece - http://en.wikipedia.org/wiki/Economy_of_Greece http://en.wikipedia.org/wiki/Economy_of_Greece Which is not totally surprising since it's this imbalance of trade that resulted in them running up their massive 'credit card' bill in the first place.