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In the case of Icesave, we're talking about less than a percent of GDP for each of the UK and the Netherlands, but something like 30% of Icelandic GDP.

Of course the conduct of Landsbanki in creating and managing Icesave was unconscionable, and the Icelandic government's blanket guarantee of all of the icelandic banks' foreign liabilities foolhardy, but the UK and the Netherlands are making a lot of fuss over peanuts.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Sun Mar 7th, 2010 at 07:45:54 PM EST
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The lesson is pretty clear. Gov'ts are fearful of their economic future, and this fear paradoxically feeds the economic pressure on the gov'ts since the markets sense it.  
by Upstate NY on Sun Mar 7th, 2010 at 09:09:20 PM EST
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