/ October 6, 2008

Iceland May Go Bankrupt

Iceland is experiencing an economic nightmare due to the global instability in the financial markets.  Their currency, the krona, has dropped 45% against the euro and according to their prime minister; Geir Haarde, the country may be on the verge of a “national bankruptcy.”  In the trailing 12 months the krona has been listed as one of the top three under performing currencies along with the Zimbabwean dollar and Turkmenistan manat.

Read the prime ministers sobering address to the nation here.
Source: WSJ and Bloomberg

Comments are closed.