Laid low by crisis, Iceland looks to EU

The anchor of EU membership and a clear path toward the euro zone would seem an easy sell in Iceland, whose banks and independent currency collapsed last year. But membership is anathema to several powerful constituencies, including the fishing lobby.

From International Herald Tribune

In Iceland, struggling to stay afloat amid economic meltdown

“From our teenage years, we were told the sky is the limit and if you can’t afford it, just ask for a loan,” said Edda Einarsdottir, 26, an Icelander studying in Scotland until the collapse dried up bank accounts, credit, jobs and a good deal of national self-assurance. “To be told overnight you have to back away from that is disappointing.”

From the Chicago Tribune

Ingibjorg Solrun quits

Ingibjorg Solrun Gisladottir has quit politics, citing health reasons related to the brain tumer she was diagnosed with last autumn. 

So now most of the highest ranking polticians whose watch the economic crisis happened on are out. 

Curiously Ingibjorg Solrun, former prime minister Geir Haarde, prime minister and CB governor David Oddson and former prime minister Halldor Asgrimsson have all dealt with cancer. 

Lets hope she and Iceland both get better.

What Do Fishermen and Investment Bankers Have in Common?

That’s the same fearless, impassioned spirit in which Icelanders go fishing. It served them well–for many years, fishing was Iceland’s primary industry.

Then they discovered investment banking.

From the NY Times Freakonomics blog

Vikings invade 5th avenue

In a weird twist of the global economic crisis, the parent company of upscale retailer Saks Fifth Avenue appears to have added a large and unlikely stakeholder – Iceland and its 320,000 residents.

From the NY Post