Iceland is suffering very badly from the current global financial meltdown. The land of fire and ice has been suffering for some time. The value of the Icelandic kronor has been in freefall. This is great news for tourists, if you want to go to Iceland go now, its probably the cheapest its ever going to get and you will get more value for your buck. There is of course a different more personal side, I have friends who are now struggling to keep up with car payments for instance, whose houses once owned by banks are now owned by the government and whose savings and investments have been wiped out.
Iceland has always been so prosperous, I have been there 18 times now and I assumed the wealth I could see was built upon a thriving fish industry but not so. Apparently Icelands currency is now the worlds third worst performing currency, just above Zimbabwe and Turkmenistan. I have to pinch myself when I read this.
This Times article on the economic disaster in Iceland is well worth a read –the land of cool turns bitter.
The Danes, always controversial, remember the Mohammad cartoons, have had a laugh at Icelands expense. In this clip, two Danish reporters dressed in typical Icelandic woollen sweaters are collecting money for Iceland outside an Icelandic owned shopping mall in Copenhagen. Its funny to see people putting money in their tins for the land of fire and ice!
Todays Swedish Word of the Day is konkurs – bankrupt.