Fight the Man, Iceland!
Rock on Iceland! From Seeking Alpha:
“3:33 PM Iceland returns to the international bond market, selling $1B in 5 year eurobonds priced to yield 4.99%. “No one dared dream (of this) so soon after the collapse,” says a bank economist. Greek 5 year paper is priced to yield 19.75%. Spanish 5 years, 4.75%.”
This, after telling the Banking Cartel to eat it by defaulting on their bonds a few years ago. They fought for their citizens rather than the banks, and look… the world didn’t end.
It’d be nice if another government or two picked the people over the banks too. At some point, I expect severe “social unrest” will leave no choice in the matter. But it could be awhile before we get there.