Perhaps more countries need to "do an Iceland". The banks lent...

Perhaps more countries need to "do an Iceland". The banks lent the money, let the banks go if they were foolish. There is really only two ways that I can see out of the excessive debt mountain we now have.

Either outright repudiation as used to happen till recently. Or bankruptcy, which is just the same under a different guise. The third option of paying it down I suspect just wont work given the amounts involved.

At some point if you loan an excessive amount of money without adequate due diligence then you were the downside risk as much as the debtor.

DKit