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Iceland Is No Ireland, "We Allowed the Banks to Fail," Grimsson SaysBy Jonas Bergman and Omar R. Valdimarsson - Nov 26, 2010 9:21 AM ETBloomberg Nov. 29, 2010 |
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 Iceland’s President Olafur R. Grimsson said his country is better off than Ireland thanks to the government’s decision to allow the banks to fail two years ago and because the krona could be devalued. “The difference is that in Iceland we allowed the banks to fail,” Grimsson said in an interview with Bloomberg Television’s Mark Barton today. “These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.” [...] As a consequence, “Iceland is faring much better than anybody expected,” Grimsson said. The Icelandic state’s liability on foreign depositor claims stemming from Icesave accounts at failed Landsbanki Islands hf should be put to a national referendum, he said. Read More 
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