It's Sad To Read This Story About Iceland In An Irish Newspaper


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Ireland and Iceland… so similar. Both had quiet economies for a long time. Both had a monster banking boom that was mistaken for genuine economic growth. And of course they’re just one letter apart.There’s just one difference between them: Iceland was never burdened by the yoke of the euro, and so like other non-Eurozone nations on the European periphery (Hungary, Romania, Latvia etc.) it’s already on the mend.

In fact, it’s kind of heartbreaking to read this story Iceland Emerges From Recession in the Irish Times where readers are currently bracing for a vicious austerity budget (coming at 10:45 ET) and then years of debt servitude to the IMF.

As for Iceland, in Q3 GDP grew for the first time in 2 years.

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