It wasn't too long ago when Iceland was something of the prom queen of nations, the envy of countless other countries. She seemed to have it all -- stunning beauty (Geysers! Hot springs!), a rich sense of culture (mandatory music classes for every child, sagas), a strong focus on sustainability and a historically excellent education system. And what's more: she can party. Reykjavik's bars and clubs run the gamut from the raw and raucous to the subdued to the surreal, and they stay open until dawn -- when the sun is rising, that is. In 2008, Iceland was ranked number one by the United Nations in its Human Development Index, meaning it was the most desirable place to live. That, of course, came at a price: it was also one of the more expensive nations to live in.
The Icelandic stock market was an embarrassment of riches, swelling to nine times its value from 2003 to 2007. It was still a nation of fishermen, but an investment banking industry had developed alongside that. Then, in October 2008, the Icelandic banking system became what would be only the first on the planet to fall, sending this nation of 320,000 into a financial tailspin. In short: mortgages and car loans were tied to other nations' currencies, and with the Icelandic krona plunging in value, they were impossibly to repay. The rose up against the government for lack of oversight. Then just a few months later, Iceland made international headlines again when an unpronounceable volcano erupted, spewing ash into the air and disrupting global travel. Thing is, barely anyone on the ground on the island was affected.
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