Iceland Offers Risky Temptation For Ireland as Recession Ends
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Iceland Offers Risky Temptation For Ireland as Recession Ends
By Ambrose Evans-Pritchard
Iceland’s president, Olafur Grimsson, irritated EU officials last month when he said his country was recovering faster because it had refused to bail out creditors – mostly foreigners.
“The difference is that in Iceland we allowed the banks to fail. These were private banks and we didn’t pump money into them in order to keep them going; the state should not shoulder the responsibility,” he said.
The comments came just as the EU authorities were ruling out investor “haircuts” in Ireland, making this a condition for the country’s €85bn (£72bn) loan package.
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