Holy crapo! Iceland's doomed to near bankruptcy

Yep, Iceland also had a similar housing bubble burst just like in the United States. Its remarkable how the same thing happened over there. Much of it was driven by American money and that same American money is bringing it down.

It seems that Iceland goes through quite extreme cycles of economic ups and downs. Just when the Icelandic economy gets strong an economic downturn somewhere else hits the fragile Icelandic economy hard, its a broken record that keeps repeating...

I hope this doesn't mean EVE Online is going down the tubes.

It's okay. Bjork can bail the country out with another album.

They've been going down hill ever since they pulled their troop out of Iraq...

Unfortunately this news didn't help me feel any better about my own economic situation, but for some reason I'm beginning to love the company, go figure....

The population of Iceland is around three hundred thousand people. Russia has already agreed to bail Iceland out.

Why not host a global Dodgeball tournament with Bjork as MC? That should spur the economy!

its global warming, the ice melted and now they can't make any profits out of it :D

our entire monetary system is in the begining stages of collapse, this is only the begining. We as humans must lose faith in money before we can achieve unconditional love and truth in our lifetime. If we can do this our grandchildren will laugh and gawk at how primitive our society is now. a joke to laugh about.
the only thing Iceland should do is become the world's largest geothermal energy producer, which is completely feasible in one generation.

It's like a chain reaction... things started getting bad here, then in Germany, Iceland... which countries are next?

I'm glad, despite the plethora of news stories depicting the state of the US economy and the upcoming election, that Current is still sharing world news like this. Once again, it's not all about "us" (as in United States?). The whole world is experiencing negative economic impact. Everyone's trying to keep their heads above water.

yay for me living in sweden ^_^

America's going down and taking the rest of the world with it.

Iceland's open economy and perfect capital mobility make it a poster-child for countries trying to ride the capital market line of the global economy in the long run. However, it also makes Iceland particularly vulnerable to fluctuations in the global economy (such as the post-911 global slowdown and the credit slowdown today). The country’s most pressing concern appears to be its rising inflation – and how to address that. The Central Bank’s policy hitherto of interest rate manipulation to maintain its inflation target has proven to be unsustainable, and created many unfavorable side-effects. A key alternative open to the Central Bank, to diminish volatility in speculative financial and economic arbitrage opportunities, could be controlling its exchange rate via pegging to the Euro (one of its major economic trading partners).

It's a domino effect.....no one country on this planet is going to go untouched by this economic party.

So where do we go from here?

If the world's most developed nation has been compromised by a bunch of greedy retards in an unchecked system then we have got a lot of social restructuring to do.

its all bjorks fault!

Iceland has had it bad for a while as they pretty much have to import everything. They have a tough economy and have long been one of the most expensive countries in the world to visit.

SWEET! Now Canada can finally can claim what's rightfully its!

So, is the US Government going to bail out Iceland, too???