Lessons from Iceland’s “pots and pans revolution”

Stop Making Sense

Philip England writes for The Independent:

[…] Whether nationalising banks, jailing bankers, imposing controls on the movement of capital out of the country or holding two national referendums on whether or not to pay back foreign debtors, Iceland’s response to their devastating financial crash bucked all trends. Yet, six years later, the approach seems to have been a resounding success. In March, the IMF praised Iceland for being “one of the top economic performers in Europe over the past several years in terms of economic growth [with] one of the lowest unemployment rates”, and for being on course to pay back its IMF loans early.

However, since May 2013 the right-wing parties that set the conditions for the banking crisis have been back in power and some worry that they may be reverting to their old ways. Earlier this month the government proposed lifting capital controls by the end…

View original post 114 more words