Word: krona
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Dates: during 2000-2009
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...traditional skepticism about the E.U. In the space of just days, as huge debts tore at Iceland's banking system, the country went from being one of the world's richest nations per head to virtually a failed economy. The statistics tell a stunning story: Iceland's currency, the krona, shed nearly half its value; inflation rose to over 12%; the stock exchange fell 89%; a $10 billion IMF bailout was sought; half the country's businesses became technically insolvent; 15% of Icelanders fell into negative equity...
...Iceland sees the E.U. as a safe haven from the world's harsh economic winds. In particular, euro membership would allow it to ditch the crippled krona. The E.U. would gain a new member with similar values to its own, which would help strengthen its reach as a global power. In return, Iceland can expect accession talks to move at a double-quick pace. As a member of the European Economic Area (EEA), Iceland already has access to the E.U.'s single market. It is also part of Europe's border-free Schengen zone, and virtually all the other...
...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 to "see more of Britain for less." "The pound...
...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 any other Asian destination - and so far this year 50% more Japanese tourists have arrived. In Iceland, where the krona has fallen by 40% against the euro and 65% against the dollar since its three major banks collapsed last October, the nation is betting on increased arrivals: this summer IcelandAir will open up new routes to nine cities in Europe and North America. And Visit Britain, the official U.K. tourism...
...downturn is playing havoc with Eastern Europe's currencies. Since last summer, the Polish zloty has lost 48% against Europe's common currency the euro, the Hungarian forint 30% and the Czech Krona 23%. That makes euro-denominated debt, which has risen dramatically anyway in the past few years, much harder to pay back. In Poland, foreign currency debt held by households has tripled in three years to 12% of the GDP last year, with some 70% of mortgages taken in foreign currencies. In Hungary, foreign currency loans make up 62% of all household debt, up from 33% three years...