Currency is meaningless, the painful measures (and the point blank refusal to pay for some of what they did) i
Thats a fallacy. Iceland did
not refuse to pay the bankers money bank. All this debt is stilled owed and hanging over the Icelandic economy as they cannot use their own currency tor repay it. The government is taxing all icelandic exporters so that foreign currency can be raised to repay the bankers.
They refused to pay the
depositors guarantee, to savers whom were non-Icelandic on the terms offered. The EFTA Surveillance Authority is taking Iceland to court to make them repay the money they stole from
individualsavers who were discriminated on by nationality.
The ridiculous narrative you hear in non-Icelandic media about what Iceland did has nothing to do with fact.
Iceland is repaying its debts and its economy is still ******.Iceland was able to devalue the currency.
Not so. Iceland has fixed the exchange rate and consequently Iceland is still a very expensive place. Thats if you use the local paper Krona described as 'money', in fact Iceland currency is not exchangeable for real money, its real exchange rate 'off-shore' is 50% less. So they haven't devalued, just forced exporters to hand over foreign currency in exchange for Icelandic krona at half the real value, on pain of jailtime. This is illegal under EEA law, BTW.
Iceland is a fantasy economy with fantasy money. Just like Disney Dollars, but with less intrinsic value.
en.wikipedia.org/wiki/Disney_dollar