Comment: Both are isolated island nations. That much is common.

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SteveMT's picture

Both are isolated island nations. That much is common.

However, Iceland is much more isolated than Cyprus so maybe that is the main reason that Iceland was successful in escaping the banker's claws. Iceland also has a lot of natural resources and highly educated people. Whatever Cyprus lacks in those areas they makeup for by having a big brother named Russia who has a vested interest in that location.

Thinking outside the box: Should Cyprus and Russia get together and Cyprus issue a gold-backed currency using Russian gold, the euro (and the dollar) would be toast! In return, Russia would get a base of operations in the Mediterranean. Imagine that happening?