Iceland's Age of Austerity

Until President Grimsson dropped his bombshell this week, Iceland's recovery from its disastrous descent into economic catastrophe had been going pretty well. A bill that would finalise the island nation's repayment of the £3.2bn it owes to the British and Dutch governments after the collapse of Icesave looked as if it was about to go through; for the first time in a long time, the economic signs were turning positive.

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