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View Diary: Icesave: Today Iceland Learns Whether It Gambled Right On Refusing A Repayment Deal With The British (177 comments)

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  •  That's what I remember from afar.... (1+ / 0-)
    Recommended by:
    mrkvica

    and what I read in Michael Lewis's "Boomerang":
    http://www.amazon.com/...

    The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge.

    Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a piñata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.

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