Don\’t know how true they are but fascinating:
The Irish economy contracted by 11.6pc in the 12 months to June. Nominal GDP shrank by nearer 13pc, which is what matters for debt dynamics. It is not for outsiders to judge those such as radio star Eamon Dunphy for switching sides to save \”jobs and livelihoods\”. The country is in deep depression.
Iceland\’s economy contracted by 6.5pc to June (less than Germany) and is already turning the corner. Exports are surging. Unemployment fell in August to 7.7pc. Such is the magic of a floating currency. The plunging krone acted as a shock absorber. Icelandic society remains in tact.
Both countries had banking systems that fell over. One said, yup, they\’re bust and had an independent currency which could devalue. The other didn\’t.
It\’s a little early to call the winner here but if in a year or two\’s time Iceland is still growing and Ireland is not then that\’ll answer the euro question, won\’t it?