Even Iceland with it’s population now are doing well after their extreme banking collapse “the worst banking collapse in the world ever”. It made it much easier for them to rectify the problem by staying out of this union.
Iceland is a typical example of a country using borrowing to fake the effects of a healthy economy.
Iceland was lent 100% of its GDP to keep the deficit spending going, there are capital controls forcing the exports to convert at the ‘official’ exchange rate, its credit rating is shot and it can only borrow at high rates from lenders who have been described as ‘scary’ (don’t repay our money and we will break your arms, scary).
Iceland is burning through this borrowed money and will probably crash again when it runs out.
Still think they made a better decision than what the “zone” is promoting. In the “zone” you wouldn’t be allowed to let the owners/lenders take the hit. This in itself overrules the idea of capitalism. The countries not doing this will become slaves to foreign powers. They got themselves into the problems and I’m not denying that but it’s hardly the tax payers faults for having private banks that behave like idiots. This goes totally against what the financial industri is promoting that everything will go bad if you don’t do what they say. Privatised profits and socialised losses seems to be their moto.
That the UK used anti-terrorist laws to try and stop Iceland is probably one of the worst financial elbowing I have ever seen in my life time.