All banks have collapsed in Iceland

Stefan Kristinsson

16 years ago

Categories: BusinessWorld

All banks have collapsed in Iceland

The government of Iceland announced yesterday that the banks which where last standing has collapsed and have now been took over by the government. So the situation is now like in the 80’s when all the banks where owned by the government. The good news is that now is nothing left which can collapse so we must be on rock bottom right now.

There are now about 20 thousand people without jobs in Iceland and unemployment rate is still rising and the government seems to be doing little to try to stop this trend.

The currency is still very weak even though it’s held alive by not allowing it to flow on free market. Hopefully the government will find a lasting solution to Icelandic currency problems.

Protest has been almost no excistant after the new government took over but many believes that it’s just the break before the storm. The elections will be on 25th of April and people expect the worst, that nothing will change. The old corrupted politician parties will rule once again, even though they have put the whole nation into near bankruptchy!

Icelanders try to stay optimistic though and daily life is fairly normal right now.

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Stefan Kristinsson: StefÃ¡n Helgi Kristinsson was born on April 6, 1979 in the capital of Iceland, Reykjavik. He received his first music education in TÃ³nskÃ³li Sigursveins D. Kristinssonar where he studied cornet and recorder, as well as receiving his first music theory education. In 1989 his life changed course when he became a church organist after his grandfather saw a small ad in the local newspaper from the Music School of the Icelandic National Church. His first organ teacher was Jakob HallgrÃmsson (1943 â€“ 1999), who was also a violin player and a good composer. Jakob introduced Stefan to the world of composing and taught him the basics of harmony and counterpoint. In 2000, Stefan began studying advanced music theory in the Music School of Reykjavik, where his main theory teachers were GuÃ°mundur Hafsteinsson (1953 â€“ ) and Tryggvi Baldvinsson (1965 â€“ ), both well known Icelandic composers. In 2004, Stefan graduated from the Music School of the Icelandic National Church as a Cantor. In 2007 he got an interest in photography and have since been active landscape photographer.