So Iceland simply solved its own problems then did it.
Where did I say that?
Weird because I seem to remember there was a huge bail-out package, involving some $4.5billion from the IMF and also loans of about $6billion from a number of EU countries. So you might argue that Greece did what Germany told them but it is just as true that Iceland did what the IMF told them.
I'm not sure of the history but this is from Wiki:-
The "Nordic Tiger" period ended in a national financial crisis in 2008, when the country's major banks failed and were taken over by the government.
The Icelandic Central Bank approached the Bank of England in March 2008 for assistance to support its currency as confidence in its heavily indebted banking system began to ebb away.[3]
Following sharp inflation in the Icelandic króna during 2008, the three major banks in Iceland, Glitnir, Landsbanki and Kaupthing were placed under government control. A subsidiary of Landsbanki, Icesave, which operated in the UK and the Netherlands, was declared insolvent, putting the savings of thousands of UK and Dutch customers at risk.[4] It also transpired that over 70 local authorities in the UK held more than £550 million of cash in Icelandic banks.[5][6] In response to statements that the accounts of UK depositors would not be guaranteed, the British governments seized assets of the banks and of the Icelandic government.[7]
On 28 October 2008, Iceland's central bank raised its interest rate to 18 per cent to fight inflation.[8]
Following negotiations with the IMF,[9] a package of $4.6 billion was agreed on 19 November, with the IMF loaning $2.1 billion and another $2.5 billion in loans and currency swaps from Norway, Sweden, Finland and Denmark. In addition, Poland has offered to lend $200 million and the Faroe Islands have offered 300 million Danish kroner ($50 million, about 3 per cent of Faroese GDP).[10] The Icelandic government also reported that Russia has offered $300 million.[11] The next day, Germany, the Netherlands and the United Kingdom announced a joint loan of $6.3 billion (€5 billion), related to the deposit insurance dispute.[12][13] (Dollar values are US dollars.)
Also worth noting this from an article about the Icelandic financial crash and recovery.
'Finally, the third major factor behind the resolution of the financial crisis was the decision by the government of Iceland to apply for membership in the EU in July 2009. While views on the feasibility of EU membership are quite mixed in Iceland, this action has served to enhance the credibility of the country on international financial markets.'
Source?
So don't forget that one of the things that the Icelandic government did in 2009 in the aftermath of the crash was apply to join the EU - they can't have seen the EU at that point as something awful, could they.
No really sure its relevant of it helps your case since Iceland have withdrawn their application now.
