Iceland Harbors Worries Of Bankruptcy
 Wednesday, October 8th, 2008 by Connie T.
The United States is certainly not the only country teetering on the edge
of economic peril, if it makes you feel any better. On Monday, Prime Minister Geir Haarde
warned that the country is facing bankruptcy.
Its banking debts far outweigh the economy, and
in the midst of the credit crunch Iceland's government has been taking control of major banks in
the nation, including Landsbanki, the second-largest bank there.
The savings of Icelandic
citizens from these banks are being backed by the state.
As their currency is plummeting,
they face the additional worry that much of their business in tourism and whale-watching must be closed
for six to seven months out of the year due to frigid temperatures.
We feel your pain, Iceland...hang
in there!
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