Iceland: A country in bankruptcy

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Summary

Iceland was, until previously, a paradise-country: in 2007 it was voted “best place to live in” and also one of the four most productive countries in the world. Beginning of October Iceland became the first country whose economy collapsed within one week under the weight of the world financial crisis. Sofia Papaioannou travels to Reykjavik to discover what it’s like to live in bankruptcy, and also to explore the reasons behind the inability to predict the collapse of the banks and to reveal the role of Britain in the country’s economic failure. “The new Files” record unique pictures and meet one of the “golden boys” of the big banks in the country that drove Iceland into the whirl of the financial crisis. Also, Miranda Xafa, deputy executive director of the International Monetary Fund, explains the consequences that IMF intervention to Iceland will bring, while the Icelandic Finance Minister talks exclusively to the program about the unprecedented crisis he is forced to face. What lessons can Greece draw from the crisis in Iceland and what awaits Icelanders from now on?

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