"Iceland still has high unemployment and is a long way from a full recovery; but it’s no longer in crisis, it has regained access to international capital markets, and has done all that with its society intact. And it has done all that with very heterodox policies — debt repudiation, capital controls, and currency depreciation. It was as close as you can get to the polar opposite of the gold standard. And it has worked."
Paul Krugman, Nobelpristagare i ekonomi, i The New York Times om Islands väg ut ur finanskrisen.