In 2008, Icelandic banks defaulted on a whopping $85 billion in loans, yet the nation has taken steps to recover and they are already proving to be effective.
Iceland followed the textbook example of what is required in a crisis.
The solution Iceland implemented involved an agreement between the banks and the government, which entailed forgiving debt exceeding 110 percent of home values.
This NEEDS to be done here in the U.S. in order to recover and grow our economy and make this country flourish once again.