Proponents of Iceland's alternative data center resources say the economic crisis could make their “green IT” offerings an even better investment. Iceland claims the infamous distinction of being the first nation to fall in the worldwide financial crisis in August 2008. The country has seen its three largest private banks enter into receivership, its stock market lose 90 percent of its value, and its currency -- the krona -- lose over half its value. Unemployment is at a 40-year high.
“There’s no question that we now find ourselves in a difficult environment,” acknowledges Jeff Monroe, CEO of nationally funded Icelandic data center services provider Verneglobal. “The financial markets are uncertain and in turmoil, and a lot of people on the outside are focused on the risks.”
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