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
Cabinet of Iceland Minister for Iceland at the time of the signing of the agreement, Jón Magnússon, became the first Prime Minister of Iceland. The current cabinet (in office since 11 January 2017), consists of the following ministers: Cabinet of Iceland The Cabinet of Iceland () is the collective decision-making body of the government of Iceland, composed of the Prime Minister and the cabinet ministers. The Cabinet of Iceland is considered to have been formed 1 February 1904 when home rule was expanded in Iceland and Hannes Hafstein became the first Icelander to hold the position of Minister for Iceland in the Cabinet