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[–] mscomies 0 points 13 points (+13|-0) ago 

It's not quite the same situation though. Iceland's issues stemmed from it's three biggest national banks failing at the same time. The creditors went away when the banks failed. Greece's issues stem from sovereign government debt which won't go away even if the Greeks overthrow their government and replace it with a new one.

[–] [deleted] 0 points 2 points (+2|-0) ago 

[Deleted]

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[–] mscomies 0 points 4 points (+4|-0) ago  (edited ago)

Not really. If Greece walks away from over 300 billion Euros worth of debt, they're basically never ever going to be able to sell government bonds or take out a loan ever again. It's also uncertain whether foreign investors will be willing to accept payment in Drachmas. Currencies are backed up by the governments that issue them, and nobody has much trust in the Greek government anymore.

Unfortunately, there are no good solutions for Greece. I personally think that no matter what happens, they'll end up as an economic cautionary tale, like Zimbabwe's lost battle against hyperinflation.

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[–] Broc_Lia 0 points 1 point (+1|-0) ago 

Also, they had a tiny population and absolutely enormous local cash reserves in said banks due to being a tax haven. I strongly suspect that anyone/thing that had their savings in a greek bank withdrew it a long time ago.