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
Kingdom of Iceland in order to represent the monarchy. During the first year of World War II, Iceland strictly enforced a position of neutrality and took action against both British and German forces that violated it. On 10 May 1940, Operation "Fork" was launched by the United Kingdom when military forces sailed into Reykjavík harbour and began an invasion of Iceland. The government of Iceland issued a protest against what it called a "flagrant violation" of Icelandic neutrality. On the day of the invasion, Prime Minister Hermann Jónasson read a radio announcement instructing Icelanders to treat the British troops as guests. The Allied