Iceland's Economic Meltdown

Just over a year ago, many in Iceland praised Prime Minister Geir Haarde for strengthening the country’s economy and Iceland was rated the “best place to live” by the United Nations. Then the global financial crisis hit, and the country’s three largest banks failed in October. In late January, Haarde resigned following weeks of public pressure and the coalition government collapsed. Up to 32,000 people have participated in protests – more than 10 percent of the country’s population.