Iceland votes back in the ‘devil’ they know

Iceland was the only country in 2008 to let their insolvent banks fail and foreign depositors take their losses. They also voted out the government that had aided and abetted the credit bubble that had demolished the domestic economy. Six years later, fed up with persisting capital controls, a kronur that has fallen 60% against the Euro and still crushing household debt levels, Icelanders voted back in the Independence and Progressive parties—which had led the small Nordic state into its financial collapse in 2008. Now forming a coalition, both parties had been promising tax cuts and a hard-line against joining the European union. There was also talk of across the board mortgage debt reduction for homeowners. Campaign promises will no doubt be hard to keep in the midst of some very harsh economic math. See: Iceland ousts pro-European leadership

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