Iceland: How to Default & still WIN

While Greece, Ireland and Portugal are selling their souls and infrastructure to IMF, the ECB, and EU all to keep the economic 'plates' spinning while speeding up their demise...  And while the US considers raising its debt ceiling Again so those precious investors around the world, mainly China, won't get hurt and lose any money off their profiteering,  here's an example of a nation that defaulted on the debts forced upon them and Beat the system like a Drum:

Iceland.

In 2008, as part of the market crashes triggered in the US, the banks of Iceland were brought to their knees.  Britain and Netherlands claimed the banks owed money to British & Dutch savers which was expected to be re-paid by the Icelandic people even though they specifically had not caused the problems and thus were not at fault.   So instead of the Icelandic government propping up the banks with taxpayer krona like two US Presidents did with US banks, and bowing to the pressure of other nations extorting money like Greece and others are experiencing, Iceland chose a different path.

They nationalized their banks and forced the bondholders to take haircuts, the Only nation to have done that. And since those banks were nationalized and not privatized, the 4 billion euro payment which the President of Iceland had originally planned on giving unconditionally to Britain and Netherlands, was rejected thoroughly in a national referendum.

So essentially Iceland defaulted, and economically dealt with some rough patches for a couple years, it is true.  And YET-- Iceland is about to return to the capital markets with a $1 billion bond.  In other words, Iceland defied the bankers, defaulted, and now are re-entering the markets as a nation banks will lend to.  And the kicker-- the interest rates given to Ireland will be less than what Greece, Ireland and others will be paying.

This is really no different than an indebted American individual filing for Chapter 7 bankruptcy, not paying anything back, losing credit for a couple years, and now Visa & MasterCard is approving the individual again at lower interest rates than those still trying to make minimum payments to avoid bankruptcy.

Iceland Won- They Defaulted & their people beat the banking cartel.

Greece--  wake up!  Save your nation -- Default.  Put the economic onus on the banks and bondholders who've been profiting from your demise to take Severe haircuts as they deserve to do, so that you may still have a nation for your children and their kids to live in...

Ireland.. Portugal.. America.. you too.  wake up!