Originally Posted By: Russ
It happened in Iceland when they let their banks go bankrupt rather than bail them out and force the bank's debt on the public.

And they even put the then-prime minister on trial (funny, but not a single banker...)

But Greece is definitely not Iceland. And Iceland was still using its own currency, the Krona. And they are relatively energy independent compared to Greece. Importing energy requires hard currency so prices will be high under a devalued currency (they already are, actually, because they're getting energy right now primarily on credit).

As I mentioned in a post yesterday, regardless of the outcomes of the election, it sounds like keeping the lights on is going to be an issue again very soon after a temporary reprieve.


Edited by Arney (06/17/12 10:23 PM)