Iceland: From World's #2 to a Ruin in Less than a Year

There is an interesting article about Iceland at Financial Times web site. It portrays the effects of a real financial meltdown.

Having lived in the Balkans area, the image portrayed by the article is not as bad as some I saw earlier. Still, what must be terrifying is that the change from the top (Iceland was world's number two country judged by the quality of life just last year) to the bottom (Iceland, as a country, is at the brink of a bankruptcy right now) happened in less than a year. Makes me wonder if this is the sign of the times. The distinction between developed and developing countries is diminishing.

For example, comparing economic situation in Bosnia and Iceland, I'd probably choose Bosnia as it seems relatively unaffected by the global turmoil. And credit cards issued there definitely are accepted worldwide, which is not the case with Iceland's at the moment. Seems too weird to be true on the first glance. We'll have to get used to it.