“After the crash, many Icelanders turned away from the world and global trade. They began spending more time with their families and children, in the outdoors and with Icelandic books. Alcohol consumption dropped among young Icelanders, and the subjective feeling of happiness increased.” Spiegel Online
It seems that I am not the only one taking note of Iceland’s financial and wellbeing recovery. A few days after I wrote on Iceland Spiegel have also put pen to paper on Iceland.
Iceland is gutsy. Unlike every other economy that I am aware of it let its banks take the rap for their own mistakes in the GFC of 2008.
The Icelandic Prime Minister at the time said :
“…dozens of banks around the world have had to throw in the towel and look to the state for assistance in their home countries. The problem which faced the Icelandic Government when this chain of events was unleashed was more serious than the problem facing other governments, because of how large the Icelandic banking system was in proportion to the economy. It was, therefore, clear that it was neither sensible nor feasible for the Icelandic state to shoulder the burdens of the entire banking system.”