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More Krugman: The $850 billion bailout
Iceland has just bailed out Glitnir Bank, with the government putting in 600 million euros -- $859 million -- in return for a 75% stake.

... So this was, per capita, the equivalent of an $850 billion bailout here.

Notice, by the way, that it was an equity injection rather than a purchase of bad debt; I approve.

(source: Bloomberg)

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Carrie (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 02:46:19 AM EST
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