Bankruptcy: Country by Country

The new Iceland? The likelihood of Greece becoming the next Iceland and plunging into bankruptcy looms over a meeting of EU finance ministers in Brussels today as the Greeks prepare to take another pasting from their colleagues.

After years of profligacy, hosting the costliest Olympic games ever in 2004 and failing to rein in its spiralling public debt, the country was on the brink of defaulting on loans, according to some seasoned commentators.

And the uncomfortable prospect of the eurozone member being unable to pay its debts was one that investors were pondering in the wake of the Dubai crisis that has sent markets falling around the world.
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At midnight last night, the United Kingdom ceased to be a sovereign state
We woke up in a different country today. Alright, it doesn’t look very different. The trees still seem black against the winter sun; the motorways continue to jam inexplicably; commuters carry on avoiding eye contact. But Britain is no longer a sovereign nation. At midnight last night, we ceased to be an independent state, bound by international treaties to other independent states, and became instead a subordinate unit within a European state.