greek default, page-7

Iceland defaulted on their loans 3 years ago when their banks went bankrupt.
Their economy is now booming.The Krona devalued which boosted tourism significantly. The products they make were cheap so they are selling a lot it.
Unemployment is falling and the economy is now growing faster than most other countries in Europe.

See link to article below:

http://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/9550667.stm