Last night, the Associated Press reported that Iceland–yes, the country–is “teetering on the brink of bankruptcy.”
I’ll admit that I don’t know much about Iceland, but the news left me wondering: How does a relatively wealthy country go from bling to broke in what seems like just a matter of days?
Until recently, Iceland had one of the world’s largest per capita GDPs- $40,400 USD. But since the beginning of 2008, all the country’s economic indicators have been taking a downturn: