Iceland

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Its Economy in Ruins, Iceland Votes to Join the EU

(Newser) - Iceland held fast to its independence as it rocketed to become one of the world's richest nations. But after a spectacular bust that decimated its currency and felled its government, the island nation has voted to join the EU. The accession plans are a victory for the country's new PM,...

Watching Whales More Lucrative Than Hunting Them

(Newser) - Whale watching generates about $2.1 billion annually, making it far more profitable than hunting the giant mammals, a new report says. Income from whale watching has doubled over the last decade, according to the report, issued by the International Fund for Animal Welfare. "Whale watching is clearly more...

New Zealand Rated Most Peaceful; US 83rd

(Newser) - The Institute for Economics and Peace has released its annual list of the world’s most peaceful countries, Bloomberg reports. The index is based on things like "international security" and "tolerant solidarity." New Zealand is No. 1; the US is No. 83. A sampling:
  1. New Zealand: A
...

Iceland PM Wins Mandate in Crisis Election

Leftist coalition seeks EU membership after economy's collapse

(Newser) - Iceland's interim center-left government, which came to power in February after the spectacular collapse of the nation's economy, has won a resounding victory in a snap election, reports the Times of London. The "great, historic victory" was an endorsement of her plans to have Iceland "start thinking about...

'Viking Bankers' Pillaged Iceland
 'Viking Bankers' 
 Pillaged Iceland 

glossies
Mar 5, 2009 2:48 AM CST

'Viking Bankers' Pillaged Iceland

How Iceland went from fishing to finance to ruin

(Newser) - The bankers who ruined Iceland’s economy possessed the mentality of its fishermen—daring, aggressive, and devoted to the “lucky catch," Michael Lewis writes in Vanity Fair. It's no surprise—after all, they were the sons of fishermen whose massive profits helped modernize Iceland in the 1970s. But...

Iceland Up for Emergency EU Membership

Brussels says it will fast-track process for crisis-stricken nation

(Newser) - Iceland will be fast-tracked into the European Union to rescue the tiny Nordic state from financial disaster, senior officials in Brussels tell the Guardian. Depending on the result of the Icelandic election, the country could apply for membership as soon as May. While accession to the EU normally takes years,...

Iceland to Appoint First Openly Gay Woman as PM

Ex-flight attendant to lead until May elections

(Newser) - Iceland is set to appoint the world's first openly gay woman as prime minister: a former flight attendant who rose through the political ranks to become a cabinet minister. Johanna Sigurdardottir, the 66-year-old social affairs minister, is the pick of the Social Democratic Alliance Party to lead an interim government....

Finance Crisis Topples Iceland's Gov't

Leftist party likely to replace coalition; protests growing

(Newser) - Iceland’s coalition government collapsed today amid financial upheaval, with PM Geir Haarde planning to resign. “I really regret that we could not continue with this coalition. I believe that that would have been the best result,” he said. The coalition had been in turmoil since October, when...

Bjork Banks on Girl Power to Save Iceland

Singer promotes venture-capital fund run by women

(Newser) - Quirky Icelandic singer Bjork is promoting a venture-capital fund run by women that will invest in socially and environmentally sustainable companies and, she hopes, help rebuild her economically stricken country. "Instead of talking about the problems we have, she is on a mission to build a sustainable Iceland that's...

How Iceland Went From Codfish to Meltdown
How Iceland Went From Codfish to Meltdown
ANALYSIS
Dec 27, 2008 11:18 AM CST

How Iceland Went From Codfish to Meltdown

Country built a huge financial bubble based on a vulnerable currency

(Newser) - How did a chilly nation of cod fishermen play a key role in the world's crumbling financial markets? Seeking to avoid the boom-and-bust of fish catch, Iceland started by privatizing banks in the mid-1990s. It built a colossal banking system on a puny currency and attracted international deposits with high...

Big '09 Trends: Ice Cream, Cuba
 Big '09 Trends: Ice Cream, Cuba 
OPINION
Dec 21, 2008 8:00 PM CST

Big '09 Trends: Ice Cream, Cuba

Goats, yogurt, and ecologically friendly travel also expected to surge

(Newser) - Closing the wallet and opening the palate are set to be big in 2009, says Gourmet, which has served up its predictions of next year's hottest food and travel trends:
  • With the economic slump, home cooking is hot, hot, hot. Learn to cook a casserole and take mom’s advice—
...

Youths Flee Struggling Iceland
 Youths Flee Struggling Iceland 
Dec 2, 2008 3:49 PM CST

Youths Flee Struggling Iceland

Ailing economy forcing mass exodus

(Newser) - Iceland faces its largest exodus in a century as job seekers flee the ailing nation, which is steeped in its worst financial crisis since independence. One survey estimates about half of Icelanders between 18 and 24 plan are thinking about leaving the country for Norway and other relatively strong economies....

Crisis Makes Former Skeptics Rethink Euro

From Poland to Iceland, once-resistant nations want to join up

(Newser) - When the euro was first proposed, skeptics cautioned of the dangers of an integrated system during a time of crisis. Now that the crisis is here, the euro has performed relatively well while smaller currencies have plunged in an investor "flight to quality." As the New York ...

Bj&ouml;rk: Iceland Must Heal Itself
 Björk: Iceland Must Heal Itself 
OPINION
Oct 28, 2008 4:25 PM CDT

Björk: Iceland Must Heal Itself

Singer rails against more aluminum smelters on island, pushes self-reliance

(Newser) - Given Iceland’s economic crisis, it would be madness to add to the country’s dependence on aluminum smelters, native singer Björk writes in the Times of London. In addition to environmental damage, lessons learned from the collapse of Iceland’s fishing industry should warn against putting “all...

Young Island Is Scientists' Playground

Surtsey, formed off Iceland in 1963 eruption, is no-tourists-allowed model of evolution

(Newser) - On Surtsey, off Iceland's coast, scientists take life one species at a time, the Christian Science Monitor reports. Since the island erupted from the ocean in 1963, only researchers have been permitted to visit and catalog its colonization by external species. With 2½ acres of land eroding each year, they’...

Amid Scandal, IMF Exec Wins Praise for Nimble Work

Strauss-Kahn's 'activist' economics suit crisis

(Newser) - Even as he faces a probe for misconduct, the head of the International Monetary Fund is being praised for a decisive response to the world financial crisis, Bloomberg reports. Europe’s chief banker says he’s “convinced the investigation will prove that Dominique Strauss-Kahn didn’t abuse power.”...

Banking Meltdown Driving Icelanders Back to Fishing

Financial system collapse leaves nation adrift

(Newser) - The collapse of its financial system has left Iceland with little left to rely on but the sea that surrounds it, writes the Wall Street Journal. With few natural resources on land, fishing was the mainstay of Icelandic life for centuries until the nation's global banking industry rapidly expanded a...

Iceland Shuts Stock Market, Nationalizes No. 1 Bank

Overexposed Nordic nation sinks deeper into financial crisis

(Newser) - Iceland shut down its stock exchange today due to "unusual market conditions" and will keep it closed until Monday, the AP reports. The move came just hours after the Icelandic government nationalized Kaupthing, the nation's largest bank and the third to come into public ownership. An IMF delegation...

Russia Drops $5.4B on Iceland's Imploding Economy

Nordic nation pegs exchange rates, nationalizes another bank

(Newser) - Iceland is in talks to receive a $5.43 billion loan from Russia to stave off economic collapse, as the tiny Nordic country nationalized yet another bank and fixed its currency's to the euro. An oversized banking system has left Iceland dangerously exposed to market gyrations, and the prime minister...

Whale Meat Makes Comeback in Iceland

Sellers aim to introduce dish to youth market

(Newser) - Illegal for two decades, whale meat is back on menus in Iceland, and entrepreneurs are hoping to turn young people on to its charms, the Wall Street Journal reports. The food is reminiscent of beef, but costs only half as much—perhaps a mark in its favor for the young....

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