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Iceland - Michael Samuels IBUS 160 IB in the news The...

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Michael Samuels 10/14/08 IBUS 160 IB in the news The Stunning Collapse of Iceland Due to the recent financial crisis there is a distinct possibility that Iceland might have to file for bankruptcy. Over the past several years Iceland has shifted its focus from domestic investment to international investment. Historically a very poor country, over the past couple decades Iceland has worked to achieve one of the best economies in all of Europe, at least till now Back in 2000, Iceland’s foreign investment was 1/3 of its total financing, and recently that number has shifted to the reverse, amassing roughly 2/3 of its total financing in international investments. Since it is clear that most of the world has been involved with bad debt, and markets everywhere have suffered cause of it, it comes as no surprise that Iceland is facing this kind of turmoil. Iceland has asked other nations, most notably Russia, to lend it money so it can reestablish its financial markets.
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