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Icelanders marked their 90th anniversary of sovereignty from Denmark Monday by taking to the streets in protest against the rapid devaluation of their currency and storming their Central Bank, Seðlabanki.
The tiny Nordic nation of 300,000, which only last May was named “The Happiest Place On Earth” by the UN, saw its fortunes turn on its head in a matter of days in October after its banks, Kaupthing, Landsbanki and Glitnir, collapsed under the weight of billions of dollars of debt accumulated in an aggressive overseas expansion. While all three banks have been nationalized, Glitnir filed for bankruptcy protection on November 26th and Iceland’s largest bank, Kaupthing, filed on Monday.
Iceland Parliament to Oust Central Bank Chief
Iceland's parliament passed a bill Thursday that will oust the country's central-bank chief, David Oddsson, who is widely blamed for a banking-system collapse that has wreaked havoc on the island's economy.....
But by law, the central-bank chief can't be fired, and Mr. Oddsson publicly refused Ms. Sigurdardottir's entreaties.
So Ms. Sigurdardottir crafted a bill that reorganizes the central bank -- and requires that its governor have a master's degree in economics. Mr. Oddsson, a lawyer, doesn't have that credential.
Originally posted by projectvxn
Those crazy Icelanders. Always so ahead of us Americans.
When do we get to do this?
collapsed under the weight of billions of dollars of debt accumulated in an aggressive overseas expansion.