What happens if the banks fail?

[pap]

Interesting interview here with the President of Iceland.

 

[video=youtube;51-Jfh6ADH0]http://www.youtube.com/watch?feature=player_embedded&v=51-Jfh6ADH0#!

 

You may remember their banks going to the wall a while ago. Iceland took the unorthodox step of letting that happen. Four years on, doesn't seem to have hurt them.

[Huffton]

I don't have to pay my overdraft back?!?

[pap]

  Huffton said:

I don't have to pay my overdraft back?!?

 

A lot of people had their mortgages and/or debt wiped out instantly.

[Glasgow_Saint]

I lose my job

[Smirking_Saint]

Everything is bloody expensive in Iceland, nice place though

[anothersaintinsouthsea]

  Smirking_Saint said:

Everything is bloody expensive in Iceland, nice place though

 

you'd despair at the prices in Waitrose

 

 

 

 

 

gets coat

[anothersaintinsouthsea]

...

[Spudders]

The main banks now have measures in place to ensure they won't fail

[Gemmel]

  pap said:

A lot of people had their mortgages and/or debt wiped out instantly.

 

NO they really didnt.

[buctootim]

I went to a conference in February. Went to lunch and when I came back someone had taken my seat. The room was packed but I spotted a table at the front with just a white haired old man sat at it. I sat down, he smiled at me and said hello. We listened to the panel speakers. 30 minutes later I saw the table sign 'Reserved for the President of Iceland'.

[pap]

  Gemmel said:

NO they really didnt.

 

http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html