Business

Iceland pulled off a miracle economic escape

businessinsider.comDisgruntled Icelanders recently forced their prime minister to quit, and are threatening to hand power to self-styled pirates at an early election.

But whereas other European voters are culling traditional parties out of weakness, Reykjavik’s are rebelling out of strength.

In contrast to eurozone countries (core as well as periphery) that remain deeply constrained by excessive external debt, Iceland has just paid down its foreign obligations by a cool US$61 billion, returning them to the safe 2006 level.

businessinsider.com

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