Even after the government seizured the top banks, Iceland may face bankruptcy. Inflation and interest rates are raging upwards. The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe. One of the country's three independent banks has been nationalised, another is asking customers for money.
The Collapse of Iceland in 10 Easy Steps.
(via Grow-A-Brain)
2 comment(s):
There's a couple points I'd like to make. First, the graph in the upper-right of the picture is way out of scale. In absolute terms, the Krona only fell by about 50% in relation to the US currency. Also the Krona is at approximately the same value as it was on 10/31/08 (a month and a half ago). So its plunge may have halted.
But we're still fudged :-).
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