January 4, 2009

Iceland: More from the economic ‘canary in the coalmine’

By admin

A couple of days ago, the traditional meeting of Iceland’s prime minister and other leaders was interrupted by protesters to the point where the PM cancelled the annual review on TV.

Full AP story here .

For me, Iceland feels like it’s the economic canary in a coalmine.  They have experienced a crushing economic defeat and will likely have to cave to a broad range of reforms dictated by the IMF and World Bank if they’re ever going to have enough cash to buy another Bjork record again.

What are your thoughts?