Iceland on the Brink of Bankruptcy

With banking debts several times larger than its economy, Icelandrated by the U.N. as the world's most developed countrynow has the distinction of being the most exposed to the credit crunch

The days grow ever darker in Reykjavik. Gone is the almost eternal daylight, which washes across Iceland's capital in the height of summer. A darkening gloom arrives earlier each day now. An icy wind blows in from the east. Darkness will be a constant presence here soon as winter sets in.

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