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 2013, opinion polls showed that many Icelanders were now against joining the EU; following 2013 elections the two parties that formed the island's new government—the centrist Progressive Party and the right-wing Independence Party—announced they would hold a referendum on EU membership. Iceland has no standing army, but the Icelandic Coast Guard which also maintains the Iceland Air Defence System, and an Iceland Crisis Response Unit to support peacekeeping missions and perform paramilitary functions. The Iceland Defense Force (IDF) was a military command of the United States Armed Forces from 1951 to 2006. The IDF, created at the request of NATO,