Word: iceland
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...Sigurdardottir, an openly gay former air stewardess, says E.U. membership is the only viable option to anchor Iceland's shattered economy. "I sincerely hope and believe that we will end up with an agreement that will help us create the necessary economic stability, [and] ensure prosperity in the long term for both families and businesses," she added. (Read: "Iceland Picks the World's First Openly...
...people of Iceland are known for their resilient, go-it-alone character. It is the result of a forbidding geography: endowed with a rugged terrain pockmarked by geysers and volcanoes, their island stretches into the Arctic Circle, and is nearly 620 miles (1,000 km) from mainland Europe...
Once prohibitively expensive, places such as South Korea and Iceland have been transformed into bargain getaways. The weakening of South Korea's won helped the country attract 7% more tourists last year--a faster rise than that of any other Asian destination--and so far this year, 50% more Japanese tourists have visited. In Iceland, where the krona has fallen sharply, the nation is betting on increased arrivals: this summer Icelandair will open up new routes to nine cities in Europe and North America. And VisitBritain, the official U.K. tourism body, is running a $2.6 million ad campaign urging foreigners...
...Just ask English club West Ham United. Asset-management company CB Holding took over the East London club earlier this week, after its Icelandic owner and chairman Bjorgolfur Gudmundsson lost his trousers in the credit crunch. Iceland's Straumur Bank, CB Holding's major shareholder, is itself in the midst of restructuring after being bailed out by the Icelandic government in March. In Spain, once mighty Valencia is effectively controlled these days by local lender Bancaja, its major creditor, after hapless management and a soured stadium-development plan left the club about $725 million in debt. (See pictures...
...violent war in Iraq, which we opposed from the start. But this calm was not to last.On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection. This sudden collapse marked the start of a financial chain reaction that reached across the oceans, bringing down parliamentary governments in Iceland and Latvia, and forcing the Hungarian and Ukrainian governments to appear hat-in-hand before the International Monetary Fund. We also watched—with some concern—as growth forecasts in several important emerging markets, like China, dipped for the first time in decades. We encouraged American...