Agreed. However, once again, we should not compare directly solutions of Iceland (banks) and Greece (government), because the problems are quite different. Ic

Agreed. However, once again, we should not compare directly solutions of Iceland (banks) and Greece (government), because the problems are quite different. Iceland (the country, the government) was not in much debt and did not default. Icelandic banks did default and went bankrupt. The banks (Kaupthing, Glitnir and Landsbank) were split so that Icelandic debts and assets were moved into new surviving publicly owned domestic versions of the banks, and the foreign remnants of the banks were placed into receivership and liquidation. Russia, the country, actually defaulted. Russia is today not known as a safe place for investments (though the history of a default is just a small part there; in Russia's assets, it has huge energy reserves, and in its liabilities, it has kleptocracy, corruption and an arbitrary justice system).