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View Diary: Iceland's Lesson: Let the Banks Go Bust (16 comments)

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  •  Bailing the banks (2+ / 0-)
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    Rei, Mr Robert

    I think Iceland did the right thing, but it's worth pointing out that, as I understand it, Britain and Netherlands covered losses their citizens incurred, and were then trying to get their government losses reimbursed by Iceland..  The Icelandic banks were offering unbelievable (for a reason) returns to investors, so widows and orphans all over Europe put their savings in Icelandic banks that then went bust.  It may have been wrong for their governments to cover the losses of the widows and orphans (and I'm sure some stout stock brokers too) but that's what Britain and holland were trying to recover.  I think.  

    Frankly, I blame everything on Nixon.

    by J Orygun on Tue Nov 08, 2011 at 05:21:09 PM PST

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