Mortgage trap driving Icelanders to despair

Rather than pump billions of euro into saving its banks in the wake of the financial crash Iceland let them fail and subsequently wrote off a portion of mortgage debt for struggling homeowners too.

In isolation, these are facts.

Without the proper context, however, it’s misleading at best to claim that Iceland succeeded in facing down the banks in favour of first and foremost helping its people recover from the devastating financial crash that crippled its economy.