One word and a world of difference between us

The tiny Nordic European island country of Iceland is presently experiencing one of the greatest economic comebacks of all time.

After the privatisation of the banking sector, completed in 2000, the economy was thrown into a tailspin when over a five-year period, private bankers borrowed 120 billion dollars, (10 times the size of Iceland’s economy).

A huge economic bubble was created, causing house prices to double, and making a small percentage of Iceland’s population rich enough to buy up overseas investments, mansions, yachts, and private jets, while leaving an absolutely unpardonable debt for all Icelanders. Iceland was facing national bankruptcy. In response to the failed banking system, in October 2008, Iceland’s revolution against this financial tyranny began, rather casually in the street, in front of the Icelandic general assembly.