Iceland's Program For a Fiscal Cure

The New York Times (Jun 30 2009)

1. At one end of Laugavegur, Reykjavik’s main shopping street, Icelanders jostle in the aisles of a Bonus discount grocery to fill their baskets with ham, dried codfish and other staples. A mile up the road, in an office tower that also houses the stock market, sits an Apple Store that is perhaps the only one of its kind: except for a salesman, it is completely empty. This neatly illustrates the state of play in Iceland eight months after it essentially went bust. No country embraced the excesses of the credit bubble as zealously as this North Atlantic island nation of about 310,000 people. As a result, it’s hard to find a place that’s suffering the deprivations of the crisis to the same degree. It’s not just that iPods are off the shopping list in favor of processed pork. The nation is deeply indebted, consumer spending ... (Read Full Article)

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