IMF Says Bailouts Iceland-Style Hold Lessons in Crisis Times

A lot of people are talking about this and maybe austerity isn't the way to go for Greece. But the main difference is that Iceland has the krona and Greece has the euro. So it's much easier for Iceland to control the currency. Greece has so little control of the euro. I think the better answer for Greece would be to leave the EU and bring back the drachmar.

I believe that they would benefit greatly with having their own currency. Their major industries are Shipping, Agriculture (export), and tourism. With a low value drachmar (relative to the EURO), this industries would do very well.

Personally, I'm a big proponent of holding your own currency. Iceland is tiny and has it's own currency. Disney world has a bigger economy than them (and their own currency). Why shouldn't greece? Argentina once tried to peg it's currency to the US and it was a disaster. I think Greece is doing the same except with Germany.