Milken Institude
25. Aug, 2016

Iceland and Ireland, eight years on

Iceland’s financial system, you may not remember, blew apart in spectacular fashion, with the country’s banks left owing their creditors (mostly European) roughly seven (!!) times the GDP. Ireland’s banks also collapsed under the weight of bad debt during the financial crisis, but the government ultimately taxed its citizens to pay back every creditor. Who ended up ahead, and why?