Icy Steel Nerves in dealing with the Billionaire Binges

Iceland’s Lost Billionaires Unmourned as Riches Draw Ire - Bloomberg: "After gaining fame for its debt bubble and the havoc that ensued when it burst, Iceland now is purging itself of the values that brought it to the brink of ruin. The only country to take a former prime minister to court for failing to prevent the crisis has since forced banks to forgive foreign-currency mortgage debt. And in a move to prevent speculation, the Interior Ministry this year proposed limiting land ownership by offshore investors after repeatedly rejecting approaches by Chinese billionaire Huang Nubo.
Iceland’s collapse -- which sent average disposable incomes plunging 20 percent between 2008 and 2010 after the banks defaulted on $85 billion -- even prompted the pro-deregulation Independence Party to pledge its commitment to welfare over investor rights.
Sigurdardottir, whose coalition faces elections in April, says the result is greater economic stability. Her party’s goal is to continue “shielding those groups in society that need it most,” she said in an interview."

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