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 was officially recognised as a minority language in 2011. In education, its use for Iceland's deaf community is regulated by the "National Curriculum Guide". English and Danish are compulsory subjects in the school curriculum. English is widely understood and spoken, while basic to moderate knowledge of Danish is common mainly among the older generations. Polish is mostly spoken by the local Polish community (the largest minority of Iceland), and Danish is mostly spoken in a way largely comprehensible to Swedes and Norwegians—it is often referred to as "skandinavíska" (i. e. "Scandinavian") in Iceland. Rather than using family names, as is