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b_b · 4353 days ago · link · · parent · post: Dan White: The economic return of Iceland has proved that the joke was on us
Krugman has also written a number of nice columns comparing Ireland and Iceland. They're worth reading if you're ever going through his archive. I think part of the problem is that Ireland (or Greece, or Spain, or Italy) aren't really sovereign countries anymore. The EU can bully them into pursuing whatever strategy they want. Having a currency is right up their with having a military when it comes to your own national interest. The Euro has been good for banks and pretty much bad for everyone else, except maybe wealthy American tourists who found it annoying to change currency every time they got on a train.