Word: icelander
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...Gist: The global recession has unseated its government and clobbered its economy - even McDonald's is jumping ship - but when it comes to gender equality, Iceland is the world's beacon. The tiny island nation tops the World Economic Forum's 2009 Gender Gap Index, the group's fourth annual assessment of global equality between the sexes. With more women elected to Parliament and advances in female economic and educational participation, Iceland leapfrogged its larger Nordic neighbors, edging Finland, Norway (last year's No. 1) and Sweden to lead an all-Scandinavian top four - an honor determined by measuring...
Since its founding in 1948, McDonald's has grown from a family burger stand to a global fast-food behemoth, with more than 30,000 locations in 118 countries. Those nations, however, are about to have their ranks reduced by one: the Golden Arches are pulling up stakes in Iceland this week, and Icelanders pining for a Big Mac and large fries will soon be going hungry. The global chain says it is shuttering its three stores in the capital, Reykjavik, citing the collapse of the local economy and the high cost of imports. The closures aren't a first...
...However, the government would almost certainly need to renegotiate its $6.3 billion agreement to reimburse the Dutch and British who had accounts with Icesave, the internet arm of the now-defunct Landsbanki, which collapsed last October. The deal was a condition of the IMF bailout, and Iceland has 15 years to pay it back. But the sums total almost half the country's annual output and could jeopardize any recovery...
...Nevertheless, now that the parliament has backed the E.U. bid, Iceland's application is expected before the end of July. The European Commission could rush through an official positive opinion in six months, which would make Iceland a formal candidate by early 2010. The actual entry talks could take another year, or two. At the same time, Iceland would have to amend its constitution. (See a video on Iceland's financial collapse...
...final say would rest with Icelandic voters, who will eventually decide on accession in a national referendum. Although opinion polls currently show around 70% of Icelanders backing the launch of E.U. accession talks, there is still time for voters to change their minds about joining. But whatever the outcome, Iceland has already destroyed its myth of splendid isolation...