Posts Tagged ‘Iceland’

Iceland adopting the Euro?

December 2, 2008

Looks like Iceland is now desperate enough to adopt the Euro. Catch is, without actually joining the EU. FIshing limits, whaling bans, that sort of thing. Now, Iceland could just adopt the Euro unilaterally I guess, the way Panama or Ecuador decided to adopt the US Dollar as their currency, and the US Congress did not need to approve.

If Iceland does this, the krona I have from last trip there will be worthless, and I’m betting the exchange rate from the government to convert them into Euros won’t be very good. Maybe they’ll just be souvenirs.

Sucks right now in Iceland, I have to say:

The economy is expected to contract 10 percent next year, unemployment is set to soar, and consumer confidence has plummetted.


Hard to imagine in Iceland

November 10, 2008

Having visited Iceland, this is hard to imagine, but there it is. Protesters are surrounding the parliament building in Reykjavik, normally a very tranquil place as I recall. People throwing things? I guess when things have pretty much completely collapsed and all your savings are gone, people do desperate things.

I knew Iceland when the party was on

October 6, 2008

I visited Iceland several years ago, when Iceland had one of the wealthiest states on Earth per capita, not to mention some of the happiest, carefree people too. Party’s over now. I have some Icelandic krona notes I happened to bring home; they’re worth as much as confetti now. When I was there, things were quite expensive, $10 for a pylsur, or hot dog. I liked skyr too. I imagine now that prices are dirt cheap for visiting foreigners. The party, nightlife scene for city as small as Reykjavik, impressive. A fascinating place, with out of wedlock children the social norm, no military (officially, though ‘police’ have been sent to Afghanistan), and leadership in renewable energy sources.

Iceland was once one of the poorest places on Earth, I read. Starvation visited the island over the centuries, keeping the population small through Malthuisan impulses. Today Iceland only has around 300,000 people. If the country has to be bailed out by foreigners, can it keep out of the EU?