Instead of allowing the criminals responsible for bank fraud to run free as the years passed by, Iceland thought it might be wise to actually indict bankers who committed serious financial crimes that contributed to the collapse.
You may have heard about Iceland’s toppling economy back in 2008. As one of the hardest-hit countries at the time, Iceland’s heavily criticized method to escape veritable economic demise actually did the trick.
Faced with the possibility of financial failure, Iceland had to think on its feet. Instead of bailing out banks USA-style, the country forgave mortgage debt for the population – and completely started over from square one.
A country with a small population of roughly 320,000 citizens, Iceland‘s entire banking structure “systemically failed” in the early days of the 2008 recession. Despite the fact that Iceland is still on the road to recovery, the country ranks high as a politically and economically stable nation. Their success over the last few years has been largely under-reported, and the story behind it is quite fascinating.
A Little Bit of Morality Goes A Long Way
Let’s face it: Icelanders are tough. They are entirely isolated, living in frozen tundra, perpetually enduring less-than-optimal weather patterns. While they are surrounded by epic natural beauty, these people aren’t spoiled; they’re tenacious.
[…]
