BusinessWeek has a rundown of what is happening to Iceland in the global financial meltdown, and what might be happening next, including it doing a deal with Russia for capital. I am not sure if this deal will go through or not. If it did, I expect Russia will make some challenging moves into this founding NATO country. Meanwhile, Iceland could become an economic basket case.
One line that struck me was “Iceland’s once-proud banking sector”: it doesn’t appear to me that they did anything they should have been proud of.
See The Stunning Collapse of Iceland – BusinessWeek for more details.
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