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The Icelandic Solution

 
Old 09-27-2012, 11:09 AM
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Post The Icelandic Solution

Interesting (to some of us) article on the difference in the way Iceland handled the financial crisis as it struck them vs the USA and Europe.

Fighting Recession the Icelandic Way - Bloomberg

Aid to households (aka "Main Street bailout")
Nothing distinguishes Iceland as much as its aid to consumers. To homeowners with negative equity, the country offered write-offs that would wipe out debt above 110 percent of the property value. The government also provided means-tested subsidies to reduce mortgage-interest expenses: Those with lower earnings, less home equity and children were granted the most generous support.

Prosecution of bankers
A new government led by Johanna Sigurdardottir embarked on a campaign to hold accountable the so-called neo-Viking bankers at the center of Iceland’s crisis. Instead of picking a prosecutor from law firms in Reykjavik, which had depended on the banks for business, the government drafted an investigator from a remote village. Although a number of bankers fled the country to avoid prosecution, the former chiefs of two of the three biggest banks have been indicted and are standing trial.

Last edited by Scrappy Jack; 09-27-2012 at 11:22 AM. Reason: Fixed formatting
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