Booming iceland !

luvpump

http://www.telegraph.co.uk/finance/financialcrisis/9350580/Booming-Iceland-makes-second-early-loan-repayment-to-IMF.html

Makes you realise that the Euro is just an obsession of former communists .

The_White_Horse

absolutely, the Euro has no economic basis. It is only the dream of the self serving lefty politicians like neil kinnock.

chewmylegoff

It's all very well to say they are "booming", but the GDP of Iceland (as with the UK) still lags 5% behind where it was before the financial crisis started.

Generali

chewmylegoff wrote: »

It's all very well to say they are "booming", but the GDP of Iceland (as with the UK) still lags 5% behind where it was before the financial crisis started.

Perfectly true but with the economy growing at 2.4% a quarter the economy will be bigger than ever by the end of the year unless something goes badly wrong.

http://www.tradingeconomics.com/iceland/gdp-growth

epz_2

I heard on the news that Argentina is still having problems on the bond market decades after they defaulted.

Does anyone know if Iceland will have the same problems or did they get round this by refusing to accept the private banks debts onto the countries balance sheet?

lvader

The value of Icelands currency is about half it was compared to Euro before the crisis, as a result they suffered massive inflation. they may be growing at the moment but this is in local currency terms, which isN't exactly worth much compared to before.

Icelands GDP in 2008 was about 20 billion USD, in 2011 it was about 12.