National Collapse

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Under the weight of about $60 billion in debt, the banks of Iceland have collapsed. They have about $12 billion to finance this year, and that is just not going to happen, so they went under. Their debts are six times the size of the national economy. You think the US or the UK has it bad, Iceland is screwed. The Krona has jumped from 130 to the Euro to 350 or so. Inflation is expected to hit 75%. In other words, they are screwed. Totally, completely, screwed.
 
I think I might go visit. One of the few places which has gotten cheaper compared to the dollar..
 
But really, a very very sad circumstance for a small country where banks had grown too big, too fast, living on borrowed money and time.

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