From Poland to Iceland, once-resistant nations want to join up
New York Times 46 minutes ago
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When the euro was first proposed, skeptics cautioned of the dangers of an integrated system during a time of crisis. Now that the crisis is here, the euro has performed relatively well while smaller currencies have plunged in an investor "flight to quality." As the New York Times reports, the financial crisis is leading countries that swore never to join the single currency to reconsider.
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OPINION
Singer rails against more aluminum smelters on island, pushes self-reliance
Times (UK) Oct 28, 08 4:25 PM CDT
(Newser)
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Given Iceland’s economic crisis, it would be madness to add to the country’s dependence on aluminum smelters, native singer Björk writes in the Times of London. In addition to environmental damage, lessons learned from the collapse of Iceland’s fishing industry should warn against putting “all our eggs in the same basket.” “If the price of aluminum falls—as it is doing—it would be catastrophic,” she writes.
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Surtsey, formed off Iceland in 1963 eruption, is no-tourists-allowed model of evolution
Christian Science Monitor Oct 27, 08 2:22 PM CDT
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On Surtsey, off Iceland's coast, scientists take life one species at a time, the Christian Science Monitor reports. Since the island erupted from the ocean in 1963, only researchers have been permitted to visit and catalog its colonization by external species. With 2½ acres of land eroding each year, they’re likely to be the only humans to see its wonders before the ocean reclaims it.
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Strauss-Kahn's 'activist' economics suit crisis
Bloomberg Oct 20, 08 1:05 PM CDT
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Even as he faces a probe for misconduct, the head of the International Monetary Fund is being praised for a decisive response to the world financial crisis, Bloomberg reports. Europe’s chief banker says he’s “convinced the investigation will prove that Dominique Strauss-Kahn didn’t abuse power.” Strauss-Kahn, 59, has streamlined the fund’s process for loans to strapped countries, with Iceland and Hungary among the needy.
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Financial system collapse leaves nation adrift
Wall Street Journal Oct 10, 08 5:05 AM CDT
(Newser)
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The collapse of its financial system has left Iceland with little left to rely on but the sea that surrounds it, writes the Wall Street Journal . With few natural resources on land, fishing was the mainstay of Icelandic life for centuries until the nation's global banking industry rapidly expanded a few years ago—only to implode even faster.
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Overexposed Nordic nation sinks deeper into financial crisis
Associated Press Oct 9, 08 6:09 AM CDT
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Iceland shut down its stock exchange today due to "unusual market conditions" and will keep it closed until Monday, the AP reports. The move came just hours after the Icelandic government nationalized Kaupthing, the nation's largest bank and the third to come into public ownership. An IMF delegation has arrived in Reykjavik, and Iceland's prime minister said that emergency assistance was "an option."
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Nordic nation pegs exchange rates, nationalizes another bank
AFP Oct 7, 08 7:51 AM CDT
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Iceland is in talks to receive a $5.43 billion loan from Russia to stave off economic collapse, as the tiny Nordic country nationalized yet another bank and fixed its currency's to the euro. An oversized banking system has left Iceland dangerously exposed to market gyrations, and the prime minister yesterday warned that the country was on the verge of default.
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Sellers aim to introduce dish to youth market
Wall Street Journal Sep 2, 08 9:16 AM CDT
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Illegal for two decades, whale meat is back on menus in Iceland, and entrepreneurs are hoping to turn young people on to its charms, the Wall Street Journal reports. The food is reminiscent of beef, but costs only half as much—perhaps a mark in its favor for the young. Still, encouraging them to try the stuff is difficult. “It's not going to happen,” says one 20-year-old.
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It was the first to arrive in Iceland for 15 years
Guardian (UK) Jun 6, 08 8:27 AM CDT
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Police in Iceland shot dead a polar bear that swam more than 200 miles to reach the island nation, the Guardian reports. The bear, thought to be the first to reach Iceland since 1993, probably came from Greenland or a floating chunk of Arctic ice. Authorities said they had to shoot the bear for public safety, but conservationists are furious.
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Cuba and Libya beat America
Reuters May 20, 08 6:44 PM CDT
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Iceland is the world's most peaceful nation, says a new ranking of 140 countries, Reuters reports. Other findings of the Global Peace Index: The US ranked 97th, below Libya, Cuba, Chile, and Belarus. Iraq finished last, edging out Sudan, Somalia, Afghanistan, and Israel.
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Iceland frets about collapse as interest rates spike to 15%
Financial Times (UK) Mar 26, 08 9:10 AM CDT
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The global credit crisis has spelled disaster for banks and hedge funds, but now worry is mounting that an entire country could go under. Yesterday the central bank of Iceland was forced to raise its interest rate 1.25 percentage points to 15% at an emergency meeting, reports the Financial Times . The surprise move was a desperate effort to curb runaway inflation and prop up the krona, a currency in free fall.
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Author places Bhutan, Iceland at the top of his most joyous locales
CNN Feb 13, 08 1:40 PM CST
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When self-described grouch Eric Weiner packed his bags and set off to find personal bliss, one might've expected him to head for tropical weather or lavish settings. Au contraire, CNN reports: Weiner’s favorite countries were frigid Iceland and underdeveloped Bhutan. He found the most content people were those who don't chase happiness—a jab at the American obsession that led his journey.
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Troubled genius dies in Iceland at age 64
Associated Press Jan 18, 08 7:24 AM CST
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Chess master Bobby Fischer, who became a Cold War icon when he dethroned Russian Boris Spassky in 1972, has died at age 64 in Iceland, the AP reports. Fischer is considered by many to be the greatest chess player ever, but his genius for the game was often overshadowed by his troubled eccentricities. The Chicago native became America's first world chess champion, but later renounced his citizenship.
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Leaps on photog and rips shirt in half
New Zealand Herald Jan 14, 08 6:32 AM CST
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Icelandic pop star Björk leaped on a news photographer, knocked him to the ground, and ripped his shirt in half as she arrived in Auckland for a concert tour, reports the New Zealand Herald . The volatile singer “grabbed the back of my black skivvy and tore it down the back," said the Herald photographer of the attack that was captured on video.
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Impersonating Iceland's president earns 16-year-old promise of a call back
ABC News Dec 12, 07 2:40 PM CST
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As prank calls go, Vífill Atlason’s call to the White House is in select company. Posing as Iceland&r