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
Settlement of Iceland cattle to die—he cursed this cold country, and when he spotted a drift ice in the fjord he decided to name it "Ísland" (Iceland). Despite difficulties in finding food, he and his men stayed another year, this time in Borgarfjörður, but they headed back to Norway the following summer. Flóki would return much later and settle in what is now known as Flókadalur. Another Norseman, by the name of Ingólfur Arnarson, had instigated a blood feud in his homeland, Norway. He and his foster-brother Hjörleifur went on an exploratory expedition to Iceland, and stayed over winter in what is now