A chilling analysis from VoxEU: "Iceland's banking system is ruined. GDP is down 65% in euro terms. Many companies face bankruptcy; others think of moving abroad. A third of the population is considering emigration. The British and Dutch governments demand compensation, amounting to over 100% of Icelandic GDP, for their citizens who held high-interest deposits in local branches of Icelandic banks. Europe's leaders urgently need to take step to prevent similar things from happening to small nations with big banking sectors."
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dudley of IL 6:04PM November 12, 2008
Larry of CA 2:41PM November 12, 2008