[Abathar]

That’s like the town of Podunk explaining to Chicago how to not deficit spend.

Iceland did what worked for Iceland, that does not mean it will work for a nation with 50x its annual budget.

[Tijeras_Slim]

I’d wager they have a pretty homogenous population with a much smaller portion on the dole and assorted entitlements.

[proxy_user]

The reason it worked was because the depositors in Icelandic banks mostly lived in other countries. They could just shut down the banks and tell the depositors to go pound sand.

It is a very different thing if the depositors live in the country where the banks are located.

[Cronos]

exactly. Iceland's population is 321,000 people -- smaller than many cities.

They are also pretty much one ethnic stock and have gdp of $12 billion.

What they have done is admirable, but difficult to implement in bigger countries.