Gallon of gas $8.20
Interest Rates 18%
Challenges This tiny country suffered near total economic collapse in 2008 in the wake of the global crisis. Iceland's three largest banks, which held assets 10 times larger than the entire country's economy, failed in October. As a result, Iceland's central bank went bankrupt and the stock market crashed. The Krona fell nearly 67% against dollar in 2008 before stabilizing in early 2009.
Solutions Iceland has received $5.1 billion from International Monetary Fund to stabilize the free-falling currency. Prime Minister Geir Haarde stepped down in February, and the new government is working on a massive financial sector restructuring plan that caps banks' size and puts the country in a position to repay its massive debts.
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Sources: IMF, national statistics offices, central banks, OMX Nordic 40, AIRINC