GREECE TAKE NOTE: FITCH UPGRADES ICELAND'S DEBT!

Iceland is safe to invest in again, according to Fitch, which has upgraded its credit rating three years after its economy spectacularly collapsed. 

Fitch raised Iceland's sovereign rating by one notch, to BBB- from BB+, meaning that the country's debt is now "investment grade". 

... Iceland's Finance Minister Steingrimur Sigfusson has told the BBC that his country's size has been crucial in the move towards recovery: "You are quicker turning a small boat around than a big ship."

HOW AND WHY? HERE'S WHY AND HOW (8/2011):

Steve Chiotakis: Meanwhile, European countries could learn some lessons from the actions of one country that was sunk during the financial crisis: Iceland. 

Marketplace Europe correspondent Stephen Beard reports. 

Stephen Beard: Iceland never does anything halfway. And so when it went bust back in 2008, it really went bust. 

Jon Baldvin Hannibalsson: It was a total collapse of the financial system. 

Hannibalsson: All the banks and savings institutions -- even insurance companies -- went bankrupt in a day. 

But three years on, says the President, Olafur Ragnar Grimmsen, Iceland is doing rather well. 

Olafur Ragnar Grimmsen: We are coming out of this crisis earlier and stronger than anybody, including ourselves, could have expected. 

Iceland is growing again -- and faster than many countries in the Eurozone. That's partly because it's not in the Eurozone. It has its own currency. That fell like a stone after the crisis. 

And that, says economist Magnus Arni Skulason, made Iceland's exports much cheaper and boosted its main industries.

GREECE SHOULD DO MORE THAN TAKE NOTE. 


THE GREEKS SHOULD DO THE SAME THING: DECLARE BANKRUPTCY AND WITHDRAW FROM THE EUROZONE.