Protestors clash with police in Iceland

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.

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