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On 5/17/15 10:36 AM, Dayne Goodwin via Marxism wrote:
No question, Iceland had a very tough time. There were massive capital outflows from its over-extended banking sector, and its currency, the krona, depreciated by 40%. The economy contracted sharply, the IMF was called in and capital controls were introduced.
A little perspective is required. Iceland has a population of about 323,000--about 20,000 less than Aurora, California. It also has an economy that is export-oriented, with its fisheries number two in the world next to Norway. As opposed to Greece, it has flourished for a half-century or so until it ran into a brick wall in 2007. By contrast, Greece has been dysfunctional economically since the 1930s.
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