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
Geology of Iceland change with time, Geologists use what is called the "hotspot frame of reference" to gather plate motion estimates, so they can create maps depicting plates moving on the surface of the earth relative to a stationary hotspot. Most work discussing plate motion agrees that the Iceland hotspot was probably located beneath Greenland for a period of time. As the North Atlantic Ocean continued to spread apart during this time period, Greenland was located to the southeast of the Iceland hotspot and likely moved over it from around ~70-40 mya. Some research using new plate motion data gathered from hotspot reference