Iceland is steamed

Iceland’s currency, the krona, has collapsed. The debt incurred by its banks, deregulated in the mid-1990s, is 10 times larger than the country’s gross domestic product. Iceland’s citizens have lost most of their savings and face unpayable debts and mortgages; inflation and unemployment are skyrocketing. But just as the new government is different than the old, the Icelandic people have changed too, becoming furious and engaged where they were once acquiescent and uninvolved.

From the Los Angeles Times


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