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
New Iceland New Iceland New Iceland ( ) is the name of a region on Lake Winnipeg in the Canadian province Manitoba which was named for settlers from Iceland. It was settled in 1875. The first Icelandic emigrants to Canada were Mormons from the Westman Islands. The more general migration followed an offer from Lord Dufferin of land in Manitoba to establish what amounted to a "free state". Due to harsh environmental and economic conditions in Iceland, including the eruption of Mount Askja, some 20,000 Icelanders left their homeland between 1870 and 1915 - roughly a quarter of the population of Iceland.