Iceland to get an IMF rescue package. This happens to third world countries every now and again, but a developed economy hasn’t had to call on the IMF since Britain in the mid-1970s.
Meanwhile, because nippy weather has finally arrived in Washington, DC I put on a 66 Degrees North jacket that I bought in Iceland and thought would be suitable attire for autumn bike commuting. When I read the story about the bailout, I thought that the collapse of the Iceland economy and currency might lead to some good bargains at the store’s website. But not really. Prices are denominated in Euros and not cheap.
UPDATE: Actually, David observes that South Korea needed an IMF assist during the 97-98 Asian financial crisis so this isn’t all that unusual.
Previous in TP Yglesias
By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook's Terms of Use and Privacy Policy.