The economic return of Iceland has proved that the joke was on us

Dan White • http://www.independent.ie • December 16, 2012

WAY back in the autumn of 2008, the joke in financial circles was that the only difference between Ireland and Iceland was a letter and six months…

Meanwhile, we in Ireland did what we were told and repaid over €70bn of bank bonds at par. By doing so, even at the cost of bankrupting the State, the “experts” assured us that we would retain the confidence of the markets. Now, four years later, it is clear that, not for the first time, the “experts” have got it wrong. Catastrophically and utterly wrong…

Unlike Ireland, Iceland immediately nationalised its bust banks in the autumn of 2008 but refused to assume responsibility for their liabilities.

Read the entire article here.

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