Collapse of Iceland

Vincent Altamura and Mike Nikolla


Iceland is going under and collapsing, the country is being destroyed and can't come back due to the debt, volcanic destruction and internal economic erosion.
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The Collapse of Iceland's Economy

Iceland was forced to take an emergency $702 million loan from Sweden to prop up its Swedish arm, while the Norwegian Banks' Guarantee Fund offered $819 million in liquidity support to the local unit of Glitnir.

The recent volcanic activity has also started to slowly destroy Iceland. It is slowing them down and causing economic destruction needing money to rebuild what has been destroyed by the activity.

They are going into serious debt and are losing everything they have because they can't repay what they took and need to find ways to find that money and pay it back.

Works Cited

Bagus, Philipp. "The Ludwig Von Mises Institute." Philipp Bagus. N.p., n.d. Web. 27 Feb. 2014.

Capell, Kerry. "The Stunning Collapse of Iceland." Bloomberg Business Week. Bloomberg, 09 Oct. 2008. Web. 27 Feb. 2014.

Sanati, Cyrus. "Iceland Is Europe's Ticking Time Bomb -- Again." CNNMoney. Cable News Network, 12 Aug. 2013. Web. 27 Feb. 2014.

Weisberg, Jonathan T. F. "Yale Insights." What's the Lesson of Iceland's Collapse? Yale School of Management, May 2009. Web. 27 Feb. 2014.