Here is a personal take on the situation in Iceland and the rest of Europe by our new contributor Harry Simmons:
Iceland has been the world’s whipping boy for the last few years. The collapse of its banking system uncovered huge international systemic failures leading to the economic crisis. The snowy nation has had a rough time of it. But as we begin 2011, I ask the question, are they really still in that much trouble? Figures released by the International Monetary Fund in December 2010 showed that Iceland’s GDP grew by 1.2% in the third quarter, ending the recession caused by the actions of those in its banking sector. What about those European countries still in economic strife?