Iceland Frozen

Iceland is a tiny nation.
It is facing a huge financial crisis.
Small is beautiful.
Iceland, which is typically a plucky ,overleveraged nation, is doomed.
Its economy is in a perfect mess.
The nation's currency  and the three of its largest banks have collapsed.
This indicates that people have no money.
Importing things, even the crappy ingredients has become expensive.,as Icelandic Krona has become worthless.



Prior to the 2008 crisis, Iceland had achieved high growth,low un employment and an even distribution of income.
Fish and fish products , aluminium and ferro silicon are  the main exports.
Fish stocks have declined.
There was a massive fluctuation in the prices of  its main exports.
There appeared a voluminous growth in the manufacturing sector, software,bio technology and tourism.
Banks expanded aggressively in foreign markets.
Consumers and businesses borrowed heavily from  in foreign currency loans.
The recession damped the expansion and three major banks collapsed , almost causing a death to the economy.
Iceland's economy  was imploded like the twin tower.



The International Monetary Fund has cleared $160 million to rebuild the economy.
Britain and Netherlands stalled the process , as they demanded for compensation.
The IMF Managing Director  says that he is now confident of economic recovery, which can be seen in the middle of 2010.


The heat and dust of the financial downturn has been subsided by the eruption of icelandic volcano Eyjafjallajoukll on 14/April/2010
The ash clouds with tiny sharp particles have disrupted the  travel in the skies.
Economy has brutally  affected  Iceland.
Nature has ferociously slapped Iceland.
The small country is beaten up twice.

The recovery has set in.
Let us wish Iceland well.