Iceland and the International Monetary Fund Intent. The conditionalities include details of Banking Sector restructuring, changes to Fiscal Policy including government austerity and changes to exchange rate policies. Following the global financial crisis in 2007-2008 Iceland's banking sector collapsed leading to wide ranging unemployment and a lessening of support for the Icelandic currency - the Icelandic Krona ISK. This was triggered by an insolvency of the private banking sector. The largest Icelandic banks had liabilities in excess of 80 percent of GDP . Iceland requested assistance from the IMF and from its Nordic partners in the Nordic Council. The goal of Iceland in this market intervention
History of Iceland autonomy to the crown, including the right to initiate and consent to legislation. Denmark, however, did not provide much protection to Iceland, which was raided in 1627 by a Barbary pirate fleet that abducted almost 300 Icelanders into slavery, in an episode known as the Turkish Abductions. English and German merchants became more prominent in Iceland at the start of the 15th century. Some historians refer to the 15th century as the "English Age" in Iceland's history, due to the prominence of English traders and fishing fleets. What drew foreigners to Iceland was primarily fishing in the fruitful waters off