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Iceland: what does the endgame look like?

EconLog: Library of Economics and Liberty found this 10/30/2008 on marginalrevolution.com

Thrainn Eggertsson writes to the FT: The government of Iceland has now been offered foreign loans that roughly equal the country's gross domestic product.  The annual interest payments, say 3-4 per cent, approximately correspond to the country's annual economic growth.  Additionally ...