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[–] BoiseNTheHood 0 points 6 points (+6|-0) ago  (edited ago)

The real reason Iceland survived the crisis was because it still has its own currency. They were alIowed to deflate the fuck out of it to regain competitiveness. If they were on the Euro, they would have had to cut wages, which Ireland ended up having to do when they were in the same situation.

With that said, last I checked, things aren't all good in Iceland. The household debt problem has gotten worse because of Iceland's horrible borrowing system, and private investment in the country took a huge hit because of the capital controls that it still hasn't quite recovered from.