I am doing a report so if a hyperlink from a website could be provided that would be helpful. If not, that's ok
Well Iceland is in a finanial crises, but has not declaired bankruptsy. The problems are rooted in the absolute oposite of socialism, that is capitalism.
Icelands 3 commercial banks grew 11 times bigger than the Central bank (the equivilent of the federal reserve) but when Lehman brothers went belly up and one of the banks had a lot of stocks in that it crashed too and dragged the other two with it, as they had borrowed from each other (a common practice in the world of banking).
So absolutely nothing to do with socialism.
