Oct
7
“‘What can we do? Its difficult times but we’ve spent all day talking about it, watching the news getting worse and worse. We had to go out and be with friends. Maybe it’s like the party at the end of the world,’ says Egill Tomasson, 32, sitting in the Kaffeebarinn bar. Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland’s currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country’s three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials from the central bank have been huddled behind closed doors for three days with still no sign of a plan. International banks won’t send any more money and supplies of foreign currency are running out. People talk about whether a new emergency unity government is needed and if the EU would fast-track the country to membership. On Friday the queues at the banks were huge, as people moved savings into the most secure accounts. Yesterday people were buying up supplies of olive oil and pasta after a supermarket spokesman announced on Friday night that they had no means of paying the foreign currency advances needed to import more foodstuffs.”
The party’s over for Iceland, the island that tried to buy the world | World news | The Observer
