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Im sorry that I dont compare the economy by the presence of McDonalds.
If you want to go into banking scandals.
How much have the British, Dutch, Americans and others had to pump into their banks to save the economy.
How much did the world loose to the Lehman Brothers and JP Morgan on the housing loans of which Fitch and Moodys gave a AAA stamps. We can go on and on. Fortis, Dexia, Northern Rock Bank of America etc. Yes the Icelandic Bankers played recklessly. Just like everywhere you go. However the common man is paying the bill. Same as all around the world except in China where the growth is more than 8%.
About the regulators we can go on and on. Enron Madoff etc.
The EU countries that are in the deepest recession are Latvia, Lithuania and Ireland.
If you want further info on the economy I suggest going to FT.com and search.