"In 2008, Iceland suffered the biggest financial collapse any nation has ever had, if we consider the size of its economy. Even more striking is the fact that Iceland is no emerging country, mesmerized by the sirens of Western finance, but a modern, affluent nation with a Scandinavian welfare state.
Before the crisis erupted, Iceland, a remote Atlantic island, with the inhabitants of a medium sized European city, was a country famous for its natural wonders visited by many people from all over the world as well as for its music. The collapse of the country’s three major banks (Kaupthing, Landsbanki and Glitnir) led to financial disaster and street protests that toppled the government"..........READ MORE
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