A Nobel to the European Union - just a piccie

WRT Iceland, nothing more than counterparty risk. Same with Greece by the way.  It could materialize with other states. Lenders should have accounted for this possibility. But the system ignored this risk for years, decades. Most sovereign debt was supposed to be risk free. What a LOL.

Anyway still better to suffer severe economic downturn than destruction through deadly wars, even though and not unlike the Roman Empire the EU is surrounded by its own "barbarians at the gate".

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http://www.flickr.com/photos/cani7575/