The global economic crisis has hit Iceland harder and faster than most countries. The small island nation's privatized banks had been growing by loaning more money than the country could afford, and when the credit crunch hit, Iceland was left with a debt bigger than its GDP. Attempts to save the situation by nationalizing the banks have only led to government bankruptcy.
Facing sudden and massive unemployment, the loss of life savings, and with no indcation whether their economy has yet to hit bottom, angry Icelanders want to get rid of the administration that mismanaged their money. A protest on November 23 that began as a peaceful rally grew into a riot, with attempts to break into a police station to free an arrested protester.
Even if there is a change in government, there are hard times ahead for Iceland, possibly an early warning of what is to come for the rest of the world.
Thank you for reading this story...
More people are reading rabble.ca than ever and unlike many news organizations, we have never put up a paywall – at rabble we’ve always believed in making our reporting and analysis free to all. But media isn’t free to produce. rabble’s total budget is likely less than what big corporate media spend on photocopying (we kid you not!) and we do not have any major foundation, sponsor or angel investor. Our only supporters are people and organizations -- like you. This is why we need your help.
If everyone who visits rabble and likes it chipped in a couple of dollars per month, our future would be much more secure and we could do much more: like the things our readers tell us they want to see more of: more staff reporters and more work to complete the upgrade of our website.
We’re asking if you could make a donation, right now, to set rabble on solid footing.