Question: Did the Greeced PIGS take their cue from Iceland?

[WingDinger]

That is what it feels like. Iceland showed the courage under threat of annihilation, to chase the austerity ghouls away. And are better for it.

Am I close? Will this cause an avalanche of advance? Or fail?

[enlightenment]

1. I'm a bit confused by the title of your post

Are you referring to the people of Greece? Is that some sort of acronym?

Because it looks both out-of-context for the topic - and rude.

Could you please explain what you mean by "Greeced PIGS" ?

[WingDinger]

4. Pigs, are portugal, Ireland, Greece and Spain. commonly referred to as PIGS.

All were slated to endure Romney like dismantling. Greece, and now likely many others, us included, will shun radical austerity. And I allude to Iceland creating the blueprint. And emboldening others to buck the IMF system of whole country impoverishment.

[enlightenment]

7. Thank you.

I had not seen that use of the acronym - and combined with 'greeced' (and I realize now what you were doing with that) it looked rather rude.

Thank you again for the explanation.

[hack89]

2. Iceland accepted IMF austerity measures in exchange for billions of dollars.

I don't know where this Iceland nonsense is coming from but their situation was drastically different then Greece's. For one thing, what triggered their crisis was domestic banks not massive sovereign debt like Greece. Iceland actually had the money to service their debt unlike Greece.

[former9thward]

3. You are mixing apples and oranges.

Iceland never defaulted on their sovereign debt.

[WingDinger]

5. So then, Greece/France will get the credit for bucking the system?

[former9thward]

6. It depends on the results.

We don't know that yet. If they devolve into chaos then no one will want the 'credit' for that.

[edhopper]

8. One thing is sure

austerity has been a total failure.

http://thinkprogress.org/economy/2012/05/02/475553/austerity-pushes-eurozone-unemployment-to-15-year-high-republicans-continue-to-ignore-its-failure/?mobile=nc