Archive for the ‘ Iceland ’ Category

Iceland and progress

Much has been written about the crisis in Iceland and how it relates to Europe’s greater, collective problems. However, hardly receiving any media attention, Iceland has shown critical indications of a recovering economy in spite of a general lack of media coverage. In an article by Deena Stryker, valid contentions are drawn that via processes unabashedly democratic, the citizens of Iceland have willed their way to the verge of an economic convalescence. By denying an imposed burden to repay their recently nationalized banks’ debts and holding creditors responsible, the citizens of Iceland forced out the existing political regime for a new one, rewriting their constitution in the process. According to a report by Bruce Walker as well as one from Gabrielle Parassuni in the Wall Street Journal, Iceland’s aspirations for recovery are coming to fruition as noted most markably by Iceland’s economic growth of 2.5% at the first half of 2011 and a projected increase to 3% by the year’s end. At the very least, the manner in which Iceland is handling their financial crisis is deserving of closer and positive media attention.