jacques, that's not true. It IS the Greek peoples' debt, owed to foreign banks. The Govt. borrowed it to finance their welfare and public works deficits.
In Iceland, it was the banks that borrowed (nearly) all the money for relending, and got caught out on FOREX.
Either way, the banks doing the lending to Iceland got what they deserved - and the same should happen with Greece, regardless of the cause, otherwise the banks will never get back to sound lending practices.
