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
Constituencies of Iceland number of votes per seat in parliament in one constituency goes below half of what it is in any other constituency, one seat shall be transferred between them. This has occurred, and as of the elections in 2007, one seat was transferred from the Northwest constituency to the Southwest one. The constituencies are the following (number in brackets indicate number of representatives for that constituency out of 63 total): Constituencies of Iceland Iceland is divided into 6 constituencies for the purpose of selecting representatives to parliament. The current division was established by a 1999 constitution amendment and was an attempt