Let banks fail: Iceland’s plan looks to be working
All the claims about Iceland doing things differently are useless and I am quite sick of hearing them.Like the US, Iceland provided financial support for its ailing bank system when the crisis appeared. That Iceland officially nationalized banks and the US left the banks officially in private hands is really a trivial detail. Iceland supported their banks and ultimately returned them to the control of their previous owners, the same effective strategy as the US.And some unsecured creditors lost in Iceland and in the US, depending on the circumstances. Again, a detail, not the main picture, which wasn't really that different than here.Just stop with the "Iceland's different" baloney, just stop.http://en.wikipedia.org/wiki/2008%E2%80%9311_Icelandic_finan...