How Iceland Recovered

An interview with the President of Iceland on CBC is here. The interview starts at about the 9 minute mark. Iceland did precisely the opposite of what prevailing economic orthodoxy recommends. They allowed the banks to fail, allowed their currency to devalue, rejected austerity, expanded social services, didn't concern themselves with balancing the budget. Basically anti-Republicanism. Where Republican policies remain in force in Europe economic downturn remains.