Iceland teeters on the brink of bankruptcy:
REYKJAVIK, Iceland (AP) — This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown....The strategy gave Icelanders one of the world's highest per capita incomes. But now they are watching helplessly as their economy implodes — their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times.
"Everything is closed. We couldn't sell our stock or take money from the bank," said Johann Sigurdsson as he left a branch of Landsbanki in downtown Reykjavik.
The government had earlier announced it had nationalized the bank under emergency laws enacted to deal with the crisis.
Today's conversion rates:
1.00 USD = 110.423 ISK (from 89.44 ISK on September 8, 2008)