'..Icelanders chose to default .. the Icelandic economy did not die. In fact, in the ensuing two years, the Icelandic economy showed signs of improvement.'<blockquote>'When faced with the insurmountable and reckless debts, a cascading recession, and the demands of the international political elite for more debt and austerity, the government of Iceland put it to their citizens. In early 2009, with a vote of 90 percent, Icelanders chose to default, leaving foreign investors, bankers and governments, holding much of the losses. The event stands as a stark reminder to the dangers of lending to overly indebted borrowers.
As a result of the default, the Icelandic Krona fell sharply, at one point dropping more than 70% against the euro. A recession of some 5% followed. However, as a result of its debt repudiation, the Icelandic economy did not die. In fact, in the ensuing two years, the Icelandic economy showed signs of improvement. Indeed, Bloomberg has reported that, "Iceland is doing better than anyone could have hoped." '
- John Browne,
The Greeks May Look North, October 25, 2011</blockquote>