Instead of bailing out banks and imposing austerity, Iceland jailed their reckless bankers. Our servile press rarely mentions how Iceland turned its economy around – without imposing austerity.
Greece might do likewise – except that their reckless bankers are mainly German and French owned and the EU ‘rescue package’ is to recapitalise these banks.
{You can read a fuller account of what happened in Iceland here. It does contain inaccuracies – see comments – but gets nearer to the truth than most accounts.}
Dr John Cox blogs 