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 frames from around the world suggests that the Iceland hotspot's path differs from older investigations. Many older rocks (dated 75-70 mya) located throughout the area to the west are not only located near hypothesized Iceland hotspot paths, but also attributable to hotspot volcanism, which implies a plausible case for the Iceland hotspot being much older than the earliest rifting of what is now the northernmost Northeast Atlantic. If such a hypothesis is true, then much of the rifting in the North Atlantic was likely caused by thinning and bulging of the crust as opposed to more direct influence by the