Articles by The Editors, Bloomberg
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Fighting Recession the Icelandic Way
The Editors, Bloomberg – TRANSCEND Media Service,
3 Dec 2012
Few countries blew up more spectacularly than Iceland in the 2008 financial crisis. Stock market plunged 90 percent; unemployment rose ninefold; inflation shot to more than 18 percent; the country’s biggest banks all failed. Today, Iceland has repaid IMF rescue loans ahead of schedule, growth this year will be about 2.5 percent, better than most developed economies. Unemployment has fallen by half. In February, Fitch Ratings restored the country’s investment-grade status, approvingly citing its “unorthodox crisis policy response.” Iceland’s approach was the polar opposite of the U.S. and Europe, which rescued their banks and did little to aid indebted homeowners.
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