The Blog

Iceland Goes Bust

2:20 PM, Dec 22, 2008 • By JONATHAN V. LAST
Single Page Print Larger Text Smaller Text Alerts

The situation in Iceland has not improved since the county's financial system went into meltdown in October. The krona was refloated on currency markets early this month and has sagged dramatically since then. It now sits at about 177 kr per euro.

And now comes word that the unemployment rate has shot up to 5.4 percent. That may not sound so bad to American ears, but in December 2007, the unemployment rate in Iceland was 0.8.

Expect more riots.

More by Jonathan V. Last