Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy — from fashion retailers to top soccer teams.
The strategy gave Icelanders one of the world’s highest per capita incomes. But now they are watching helplessly as their economy implodes — their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times.
… A full-blown collapse of Iceland’s financial system would send shock waves across Europe, given the heavy investment by Icelandic banks and companies across the continent.
"Iceland Teetering Too and possibly upsets NATO by getting a loan from Russia.
(Yes I’ve been a little Iceland-centric lately. It feels like Lost. We have to go BACK.)
