Russian style privatisation and rapid deregulation lead to exponential growth of the financial sector. In less than a decade, Iceland went from a resource-based economy, dependant on fisheries and geo-thermal energy, to a financial giant. We were all taken by surprise: where did the money come from?

The answer came in October. We were living on borrowed time. After the devastating collapse of the country’s financial sector, these election results are perhaps a message of a new beginning – at least a clear break from the Viking capitalism that has left the country in economic ruin.

From The Guardian

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