Word: iceland
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...beautiful while it lasted: Impressive growth rates, speedy development, and a strong and diversified financial services industry put miniscule Iceland on the economic map. But it wouldn’t last forever. In the past month, all three major Icelandic banks have been effectively nationalized, the stock market has crashed, and the International Monetary Fund (IMF) has been called in to calm international investors and prevent the country’s bankruptcy. As the global financial crisis claims its first sovereign victim, it is important to understand that every party involved would have benefited from more coordinated international regulation...
...That's already happening as the IMF assumes its more traditional function of providing funds to cash-strapped nations confronting turmoil. Late last week, for example, the organization struck a tentative agreement to extend Iceland a $2 billion loan; similar accords are expected to be made with other countries badly in need of economic stability amid the current upheaval, including Hungary and the Ukraine. Nations with more stable economies that are badly hurting for access to foreign currency like South Korea and Brazil, meanwhile, may also soon turn to the IMF for help...
...Iceland Cometh. The value of Iceland's krona has melted a bit. But if you have any cash left, there's a special being offered by IcelandAir. A round-trip ticket from Boston or New York to Reykjavik (a four-hour flight), plus three nights at the Hilton Reykjavik Nordica, Scandinanivan breakfast buffet included, costs $549. Book by Oct. 21 for travel through November...
...Minister of Health Gudlaugar Thór Thórdarson agrees that Iceland has sustained a blow to its psyche, "especially when Gordon Brown uses antiterrorism laws against Iceland," he says, referring to the British Prime Minister's move to invoke an antiterrorism law to freeze Icelandic companies' assets in the U.K. "The people here not only suffer financially - it also makes us feel bad." Indeed, says psychologist Ólafsson," Icelanders have always seen themselves as an independent people, and now we simply can't be as self-sufficient...
...Finland 6 7 Germany 5 8 Netherlands 10 9 Japan 8 10 Canada 13 11 Hong Kong SAR 12 12 United Kingdom 9 13 Korea, Republic of 11 14 Austria 15 15 Norway 16 16 France 18 17 Taiwan, China 14 18 Australia 19 19 Belgium 20 20 Iceland 23 21 Malaysia 21 22 Ireland 22 23 Israel 17 24 New Zealand 24 25 Luxembourg 25 26 Qatar 31 27 Saudi Arabia 35 28 Chile 26 29 Spain 29 30 China 34 31 United Arab Emirates 37 32 Estonia 27 33 Czech Republic 33 34 Thailand 28 35 Kuwait...