With Greece in default and its future in the Eurozone uncertain, its ruling party has recently invoked Iceland as a model of how Greece might avoid economic calamity. If it wants to emulate Iceland, Greece’s government will need lawyers—lots of them.
Nearly seven years after Iceland’s three largest banks tipped into bankruptcy, nearly taking down its financial system, the island nation has succeeded in righting its once-troubled economy. In June, marking a final step towards economic recovery, its government announced the imminent lifting of capital controls. In large part, credit for the country’s successful recovery is connected to early legal efforts to stop the capital hemorrhage and continuing efforts by Icelandic and foreign lawyers.
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