“We are not Iceland!”
This post was written by Stephen Kinsella
Indeed. Today sees Iceland(!)’s sovereign debt return to the rim of investible as Fitch upped their rating of Iceland(!)’s debt to BBB- but stable. In other Icelandic news it looks as if a debt forgiveness programme mooted in 2009 is going ahead, their top civil servant in their department of finance is in prison, and, delving into the Icelandic stats a little the nation’s GDP is looking pretty healthy, too.
This OECD background paper gives an overview of the crisis and the Icelandic authority’s response to it.
So: we are not Iceland!