How Iceland overthrew the banks.
Liz Claman interviews Iceland President Olaf Grimsson at Davos.
“We didn’t follow the traditional prevailing orthodoxies. Unlike the U.S. and EU, we forced bank bondholders to take losses. And the end result four years later is that Iceland is enjoying progress and recovery. Europe should let banks that are managed irresponsibly go bankrupt.”
Meanwhile earlier today:
Here’s a great story from Bloomberg: