The What's New Archive
22:34 - Financial crisis in Iceland, short note
Since I have gotten several e-mails about my situation I decided to post a very short note here. Yes, things are extremely tough here in Iceland right now (and might get much worse in the coming months). This year we had about 90% devaluation of our currency BEFORE the international banking crisis hit and our banking system collapsed (they were overextended and ticking bombs anyway it turns out). This is the bad version of what is doing on in some other countries right now.
Surreal that only about 20-30 individuals could take a nation with vast resources and very educated population down in few years.
Britain leads the way in kicking Iceland while it's down right now (anti-terrorist laws used against our interests in the UK killed our last bank) and we're essentially in an embargo as currency does not flow in or out of the country. Small and large companies are collapsing as a a result (cannot pay for foreign goods or sell Icelandic goods). I and my family are still doing OK and we'll probably stay that way unless things get much worse from here. So, no worries there.
Some extreme stories floating in Europe and elsewhere are not true - we still have food, heating and shelter, and as soon as currency starts flowing in some form things should slowly get better. We hope. We need a few thousand French people to stage a proper protest or rebellion to oust the incompetent government and responsible officials.
On the upside Iceland is now the ideal country to do your Christmas shopping - you get lots of our currency for little of your own. The former 3rd most expensive country to shop in is now rather cheap for tourists.