Publishing Guide

Upcoming Events

International | EU

no events match your query!

New Events

no events posted in last week

Other Press

Finally, Germany Is Talking About Deutschland EU Exit - Dexit 22:57 Apr 21 0 comments

The EU in 2019 – the Problem of Survival 18:42 Jan 11 0 comments

The publication of a damning report on Ireland’s public services was delayed by EU until after polls... 06:50 Feb 27 2 comments

People's News - No. 139 7th Feb 2016 22:58 Feb 10 0 comments

Peoples News issue No. 110 Date: 21 – 9 – 14 22:01 Oct 01 1 comments

more >>

User Preferences

Feeds

Blog Feeds

Anti-Empire

North Korea Increases Aid to Russia, Mos... Tue Nov 19, 2024 12:29 | Marko Marjanovi?

Trump Assembles a War Cabinet Sat Nov 16, 2024 10:29 | Marko Marjanovi?

Slavgrinder Ramps Up Into Overdrive Tue Nov 12, 2024 10:29 | Marko Marjanovi?

?Existential? Culling to Continue on Com... Mon Nov 11, 2024 10:28 | Marko Marjanovi?

US to Deploy Military Contractors to Ukr... Sun Nov 10, 2024 02:37 | Field Empty

Human Rights in Ireland

Promoting Human Rights in Ireland

Human Rights in Ireland >>

Lockdown Skeptics

We Don?t Need More Windbags. We Need Water Plants and Batteries Sat Aug 16, 2025 17:00 | Clive Pinder
The West doesn't have an energy problem, it has a guts problem ? wasting billions on green boondoggles instead of building the tech that works, says Clive Pinder.
The post We Don?t Need More Windbags. We Need Water Plants and Batteries appeared first on The Daily Sceptic.

Hackers Capture Personal Data of Former Tory Ministers, British Troops and Thousands of Afghans in L... Sat Aug 16, 2025 15:00 | Richard Eldred
In yet another Ministry of Defence cock-up, personal data of former Tory ministers and British troops has been compromised following a cyber attack on a subcontractor handling official flights.
The post Hackers Capture Personal Data of Former Tory Ministers, British Troops and Thousands of Afghans in Latest Ministry of Defence Blunder appeared first on The Daily Sceptic.

How Can We Create a Censorship-Free Internet? Sat Aug 16, 2025 13:00 | Dr R P
Brits are flocking to VPNs to dodge the Online Safety Act, but Dr R P, a robotics scientist, warns that creating an internet that's genuinely censorship-free is going to be hard.
The post How Can We Create a Censorship-Free Internet? appeared first on The Daily Sceptic.

Why is Labour Paving Over Britain?s Arable Heartlands Without Consulting Local People? Sat Aug 16, 2025 11:00 | Simon Panter
Labour's Net Zero drive is converting prime farmland into solar farms, silencing local farmers and gambling with Britain's food security, warns Simon Panter.
The post Why is Labour Paving Over Britain?s Arable Heartlands Without Consulting Local People? appeared first on The Daily Sceptic.

No Point Arresting Shoplifters When Courts Set Them Free, Says Policing Chief Sat Aug 16, 2025 09:00 | Richard Eldred
Britain's shoplifting tsar says it is "madness" how many times thieves are caught before going to jail, warning there is no point arresting them if courts just set them free.
The post No Point Arresting Shoplifters When Courts Set Them Free, Says Policing Chief appeared first on The Daily Sceptic.

Lockdown Skeptics >>

Voltaire Network

Voltaire, international edition

Will intergovernmental institutions withstand the end of the "American Empire"?,... Sat Apr 05, 2025 07:15 | en

Voltaire, International Newsletter N?127 Sat Apr 05, 2025 06:38 | en

Disintegration of Western democracy begins in France Sat Apr 05, 2025 06:00 | en

Voltaire, International Newsletter N?126 Fri Mar 28, 2025 11:39 | en

The International Conference on Combating Anti-Semitism by Amichai Chikli and Na... Fri Mar 28, 2025 11:31 | en

Voltaire Network >>

Iceland Out of Recession

international | eu | other press

Wednesday December 08, 2010 09:57

by Baggie

Report this post to the editors

Iceland out of recession reports Guardian.

Burn the Bondholders!

http://www.guardian.co.uk/business/2010/dec/07/iceland-...arter

Iceland exits recession
Decision to force bondholders to pay for banking system's collapse appears to pay off as economy grows 1.2% in third quarter

• Phillip Inman
• guardian.co.uk, Tuesday 7 December 2010 20.18 GMT
Nobel prize winner Paul Krugman has repeatedly called on Ireland, Greece and Portugal to consider leaving the euro area and defaulting on debts. Photograph: Mike Clarke/AFP/Getty Images
Iceland's decision two years ago to force bondholders to pay for the banking system's collapse appeared to pay off after official figures showed the country exited recession in the third quarter.
The Icelandic economy, which contracted for seven consecutive quarters until the summer, grew by 1.2% in the three months to the end of September.
Iceland famously agreed in a referendum to reject a scheme to repay most of its debts that were once worth 11 times its total national income.
In contrast to Ireland, Iceland's taxpayers refused to foot the bill for the debts accumulated by the banking sector. Bondholders were told to accept dramatic reductions in the value of repayments on bank debt after the sector borrowed beyond its means to fund ambitious investments abroad.
The return to growth is likely to put pressure on Irish politicians to explain why Dublin rejected a more radical restructuring of its debts and a departure from the eurozone.
Iceland's currency has fallen by around a quarter, helping its exports.
Economists on the right and left have recommended country deep in debt restructure repayments with bondholders, in effect writing off much of the debt.
Nobel prize winner Paul Krugman (pictured) has repeatedly called on Ireland, Greece and Portugal to consider leaving the euro area and defaulting on debts.
Iceland's recession has proved less severe and shorter than many analysts and the International Monetary Fund had feared.

Add Your Comments >>

printable version

with comments

atom feed of comments

rss feed of comments

RSS and atom feeds allow you to keep track of new comments on particular stories. You can input the URL's from these links into a rss reader and you will be informed whenever somebody posts a new comment.

Digg this

Furl

Reddit

Gab

Twitter

© 2001-2025 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy