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View Diary: Icesave: Today Iceland Learns Whether It Gambled Right On Refusing A Repayment Deal With The British (177 comments)

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  •  Oh there was a depression. (1+ / 0-)
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    Dburn

    And we're still climbing out of it, long way to go.  You'll know when we're finally recovered when the exchange rate stops being half of what it was before (aka, ordinary people have half the buying power on imported goods, aka, most goods, aka, it's like earning dramatically less).  And we did pump a bunch of money into the banks, but only after they were in receivership, to reorganize them into solvent entities when they emerged.  Took on a ton of debt too, which we're slowly paying back.  Also, overwhelmingly, most of the executives who caused this mess got off scott free.  Unfortunately, it's not a crime to crash the national or global economy.

    But we are recovering. And a few people who deserved it did get jailed.  

    And we won Icesave.  :)

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