Word: icelander
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...Having grown faster than Europe's other big economies over the past decade, British GDP will shrink more this year, estimates the E.U. Brits have begun comparing themselves to Iceland, another north Atlantic island buffeted by financial turmoil. When squatters were discovered living in two $20 million Park Lane mansions, it was taken as a powerful reminder of the recessions of the 1970s and 1980s. "There will be lots more people like me in the coming months," said one of the squatters. Britain's opposition Conservative Party says things could get so bad that the country might have...
...days that have followed a number of prominent officials, including Minister of Commerce Björgvín Sigurdsson and the director and board of Iceland's Financial Supervisory Authority, have tendered their resignations...
...year ago, few would have predicted such a rapid fall from grace for the affluent North Atlantic nation. Iceland topped the most recent U.N. Human Development Index and boasted one of the highest GDP's per capita in the world. But its banks, carrying massive debt loads, became early victims of the global credit crunch. In October, in an effort to salvage the hemorrhaging economy Haarde's government negotiated a $10 billion bail out package with the International Monetary Fund...
...will be dissolved, or if elections will be held immediately. Another possibility is a national government with all parties participating until the May election. If the Social Democrats take control, even temporarily, they are likely to be led by Jóhanna Siguršardóttir, who would become Iceland's first female prime minister and the first openly gay prime minister in Europe...
...Read a TIME story on the crisis in Iceland...