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
Iceland Crisis Response Unit Iceland Crisis Response Unit The Iceland Crisis Response Unit (ICRU) or "Íslenska Friðargæslan", is an Icelandic para-military unit with a capacity roster of up to 200 people, of whom about 30 are active at any given time. It is operated by the Icelandic Ministry of Foreign Affairs. It is primarily designated for peacekeeping operations and was established in the 1990s to participate in operations and peacekeeping projects, including in support of NATO peacekeeping operations. That role later evolved into providing an appropriate forum for deploying personnel within other organizations such as with OSCE field missions as well as with UN