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Iceland Nears National Bankruptcy
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Iceland nears bankruptcy. The financial repercussions of the world economic crisis are placing whole nations in jeopardy:
“…The country’s top four banks now hold foreign liabilities in excess of $100 billion, debts that dwarf Iceland’s gross domestic product of $14 billion.”
link: Iceland teeters on the brink of bankruptcy
Iceland may have some unique aspect. Nevertheless, it is linked in an inextricable manner to the global economy. The pressure that Iceland faces may portend the financial stresses which other nation may have to face in the coming weeks.
Catherine Forsythe