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Icelandic Krona

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Icelandic Krona


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No country has suffered more dramatically from the global financial crisis than Iceland. The country is on the brink of bankruptcy, with Norway announcing on Nov. 3 it was prepared to lend Iceland $635 million on top of the $2.1 billion the country is receiving from the IMF. The Icelandic currency's collapse and high inflation led the central bank in October to raise interest rates 600 basis points, to 18%.