Iceland: “but people ask why can’t I pay my mortgage? Why is my salary not going up?”
Whilst everyone else is focused on the tribulations of Greece, I would heartily recommend that if you don’t read anything else today, read this Reykjavik Letter (€) from Peter Geoghegan in today’s Irish Times: visions of Iceland as a Nordic Nirvana – burnt bondholders, jailed bankers, a crowd-sourced constitution – often clash with reality here. The Icelandic economy has recovered since the kreppa, the 2008 banking meltdown. But the cost of living remains painfully high, even if the country is far more …