Toucheer's Blog

Iceland is rated by the UN as the most developed society on earth. But it now faces less welcome distinction as the country worst exposed to the credit crunch.
The few Icelanders who are out and about gather in tight groups, shielding themselves from the wind and discuss the latest disasters to strike its banks. The credit crunch is the only topic in town. Many head to their banks, where a steady stream of concerned savers enters to inquire just how safe their money is. This bleak picture of shattered consumer confidence does not seem out of place in a nation famed for its Viking sagas. It now has a new epic tale to tell: how its banks have brought a whole nation to the brink of bankruptcy.
While shoppers seem to have fled the high streets, worried locals have not abandoned Reykjavik’s hedonistic nightlife.
There may also be a resurgence of a trade that Iceland has traditionally been famed for —fish. The fishing industry will always be around, and the cheaper krona is helping them to export. Many Icelanders feel that the dramatic collapse of the financial sector was inevitable. But they are resigned to seeing singorama scam through the hard times.