Tag Archives: serious fund

Recovering from Neoliberal Disaster: Why Iceland and Latvia Won’t (and Can’t) Pay the EU for the Kleptocrats’ Ripoffs

By Prof. Michael Hudson

Can Iceland and Latvia pay the foreign debts run up by a fairly narrow layer of their population?

The European Union and International Monetary Fund have told them to replace private debts with public obligations, and to pay by raising taxes, slashing public spending and obliging citizens to deplete their savings.

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