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Public Debt Dynamics of Europe and the U.S. by Dimitris N. Chorafas

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14

Iceland, Latvia, Ireland, Britain, Germany, and a Taste of Fantasy Economics

Prior to its descend to the abyss in 2008 due to business expansion without limits and associated gambles by its three bigger banks, Kaupthing, Landsbanki, and Glitnir, in terms of income per head, Iceland was one of the richest nations in the world. The bankruptcy of these mismanaged banks saw to it that this is now history, one of the calamitous results of financial deregulation.

The small northern Atlantic nation also offers live evidence of the advantages of an indebted country to simply let its banks collapse and default on their loans. The citizens who have been asked to underwrite against their will the banks’ huge losses would like to know through evidence ...

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