Indebted EU states can model Iceland

Debt-ridden EU countries need to pattern themselves after Iceland as the country decided to look after its own people rather than corporate banks, says an economist.

Press TV talks with Marco Pietropoli, an economist in London, who describes how European countries are ignoring the Iceland formula for success and instead allow banks to bleed them from their assets and sovereignty. Following is a transcription of the interview.

Press TV: Every other week it seems to be crunch time for the Euro Zone – What’s different this time around?

Pietropoli: It doesn’t seem to be particularly different this time in that there will be an attempt at another patch and continue to kick the can down the road. This is not about doing the best thing for the Greek or Portuguese people; it seems to be fundamentally about saving the German and French banks and the financial system if you like.