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mk · 4356 days ago · link · · parent · post: Dan White: The economic return of Iceland has proved that the joke was on us
IMO that's the main crux of the problem. Countries are bending over backwards to balance the books of banks. The public would feel pain if banks took major losses and some went under; however, they are experiencing more pain, and more protracted pain, by trying to keep the banks solvent. From one perspective, Greece isn't really insolvent, the banks that loaned to Greece or to finacers of Greece might be insolvent. Greece is a country, not a business.I think part of the problem is that Ireland (or Greece, or Spain, or Italy) aren't really sovereign countries anymore.