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Let Banks Fail Is Iceland Mantra as 2% Joblessness in Sight

Posted on January 30th, 2014 at 11:39 by John Sinteur in category: News -- Write a comment


Iceland let its banks fail in 2008 because they proved too big to save.

Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal.

While the euro area grapples with record joblessness, led by more than 25 percent in Greece and Spain, only about 4 percent of Iceland’s labor force is without work. Prime MinisterSigmundur D. Gunnlaugsson says even that’s too high.

  1. The world’s banking system is difficult to control, and doesn’t seem to want to control itself. The Basel committe proposed 3% leverage ratios for European banks. France and Germany refused even that low number. You can imagine why.

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