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Monday, September 5, 2011
What to hear about a government that has a very sound approach to the financial crisis; which acts in the interests of its people, and not in the interests of international banks. Read this story - you will not hear about it from your local media conglomerate, and you ought to wonder why.
Iceland was in a financial crisis. Initially the ECB negotiated with the new government of Iceland for Icelanders to pay back their nation's debts. The problem of course is that the Icelandic people realised that it was ridiculous for them to be carrying the burdens of the state, and most particularly, the debts of privately-owned banks. So they lobbied the government to change their policy. Iceland has since snubbed the global financial community, and is looking at financing its own activities. Sounds like a good model. I hope Greece and the other 'weak states' of EU follow suit.
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