news
5.1.2009
Information on the Financial Situation in Iceland
In the fall of 2008, Iceland experienced its largest economic difficulties in recent history. In the wake of the global financial crisis, the private banking system all but collapsed as Iceland’s three largest commercial banks were taken into government administration.
This has had a devastating effect on the Icelandic economy. External debt has increased threefold from being one of the lowest in the world and unemployment and inflation are affecting peoples' lives.
The foundation of Iceland’s economy remains strong despite the current economic crisis. Iceland’s clean energy, its marine resources, strong infrastructure and well-educated workforce, provide a firm basis to overcome the current economic difficulties and implement needed reforms.
Icelandic Government's Information Center website contains information regarding the banking crisis in Iceland; updates and developments, relevant background information, as well as answers to Frequently Asked Questions and useful contact information.