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
Military of Iceland defences. Foremost of these are the National Security Unit, which handles intelligence operations and the special unit Víkingasveitin, a highly trained and equipped counter terrorism unit which is part of the National Police force. Additionally there is a Crisis Response Unit (ICRU), operated by the Ministry for Foreign Affairs, which is a small peacekeeping force that has been deployed internationally, since 2008. This unit also has an unarmed component. There is a treaty with the United States, regarding the defense of Iceland, which until 2006 maintained the Naval Air Station Keflavik. The base, now operated by the Icelandic Coast Guard,