Iceland’s President Explains Why The World Needs To Rethink Its Addiction To Finance – Business Insider

iceland-president

It’s very difficult to give a short description of how life has changed. It’s absolutely clear in Iceland, like many other countries, the financial crisis came as a profound shock, not only to the financial institutions, but also to ordinary people, the economy…

So thousands of Icelanders had to struggle with fundamental change in their economic situation, loss of income, even loss of property, increased burden of loans, unemployment, and the nation as a whole also had to face — which somehow we were fortunate to realize early on — that the collapse of the banks was not just an economic or financial crisis, but also developed into a very profound political, social, and even judicial crisis.