Financial scamsters of America

The Italian Prime Minister, Mr Silvio Berlusconi, has resigned after 17 years in office. Most people blame him for ruining his country's economy. However, Italy has not been alone: Greece, Spain, Ireland, Iceland or even the US are in no better condition. For instance, Iceland had a reputation of very low unemployment and an equally low crime rate. Its population is about only 320,000; yet, its GDP was over $13 billion in 2010. When its banks were deregulated, they took loans 10 times the country's GDP and ultimately incurred losses of a $100 billion. Now, Iceland is a country in distress.

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