How does a country bankrupt itself?
June 19th, 2010
The news said that Iceland is or already is bankrupt. Question is, under what circumstances does it mean that a country is bankrupt?
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just the same way as an individual, lend money and not get repaid, spend more than your income, and trust banks, financial experts.
also spend on credit for armament more than you do on health and education.
go to war and lose bigtime
By continuing to borrow to support both good and corrupt government programs, (hmm… why does that sound familiar?) until you have a larger deficit than you could pay back. Maybe they have a house and congress that can vote themselves raises too. Can’t help when you can become rich being a politician. Hmmmmmmmm…
Unable to pay its debts. Russia is helping Iceland out. Things should be fine for her soon.
Democracy is to blame. Politicians have to spend money they don’t have to get elected. Then the non-democratic countries try to keep up and go bankrupt in the process. PS – Get out and vote for the candidate who is offering you the most.