Do As Iceland Did
May 8, 2012 · Posted in General Economics
As I have said many times before, there will come a time when Europe’s bankrupt governments will be forced to default on their debts and exit the Euro and do precisely that which they have been avoiding and I have been repeating year after year now:
An absolute and unconditional abandonment of any more bailout talks is highly necessary. Member states need to consolidate their finances, cut spending, trim down their obtrusive bureaucracies and cut their unsustainable tax burdens.
For many of them, after they’ve now unfortunately been digging themselves a deeper hole, default remains inevitable, and in Greece’s case it has already occurred.
Now the most popular tweet in Spain is #hagamoscomoislandia or “Do As Iceland Did”, and as Mish points out:
A Twitter search for “#hagamoscomoislandia” turns up a hit with titles in English but comments in Spanish.
Google Translation says the page is already in English. However, I cut some of the comments and translated them. Here are the results.
- Not one euro for banks, prosecute the perpetrators of the crisis and a constitution written by the citizens!
- Education + health budget in 2012: 5,397 million euros. Rescue Bankia: 7,000 million euros
- Greece, under the control of the Troika, in bankruptcy. Iceland, after a revolution, Out of Crisis.
- 7,000 million euros for Bankia? To begin, No. # # HagamosComoIslandia RescatemosPersonas
- Trial of bankers and politicians, reappropriation of wealth plundered, new constitution and social justice
Default is the free market’s solution to extreme insolvency. Do as Iceland did.