Iceland's journey from teetering on the edge of disaster in 2008 to a relative stability — and above average growth — has a lot of lessons, which we've covered before.
However, a recent report by Icelandic Financial Services Association (via Bloomberg) has given us a new statistic on one tactic the country used: debt relief.
Since 2008 the country's banks have forgiven 13 percent of the country's debts, which in turn has eased the burdon for more than 25 percent of the country's population.
“You could safely say that Iceland holds the world record in household debt relief,” Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen, told Bloomberg. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”
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