An Article by Sam Knight published at Truthout on January 27, 2013
When the global financial system crumbled over four years ago, Iceland played host to one of the most dramatic economic collapses in modern history. Its three largest banks were unable to refinance debt roughly ten times the size of the country's gross domestic product (GDP), causing one of the world's wealthiest nations to limp with hat in hand to the International Monetary Fund (IMF). The island became a symbol for capitalism's systemic failure.
Now, Iceland is making headlines for more positive reasons: activists there are in the process of advancing some of the strongest freedom of information laws and journalist protections in the world, and the Icelandic economy, while still beset by problems, is significantly outperforming other crisis-stricken countries.