Arc of insolvency

“First Minister Alex Salmond had looked to Iceland and other small independent countries in Northern Europe, such as Ireland and Norway, as examples Scotland could follow.

But after most of these countries found themselves badly hit by the financial crisis, Mr Salmond’s so-called “arc of prosperity” was dubbed by some opposition politicians as the “arc of insolvency”.

They said it proved the case for Scotland as an independent country was on shaky ground.”

From the BBC


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