Tuesday, May 20, 2008
Iceland’s nasty financial hangover
"Banks all over the world have spent much of the few years bingeing on cheap money, but Iceland's taken the whole thing to quite an extreme." "Joining the Euro would mean offering up a decent chunk of sovereignty at the the EU’s altar. But then, given that interest rates in Iceland are running at 15.5% and that in the Eurozone they remain at 4%, it might also offer the suffering Icelanders the hair of the dog they really need right now."