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|Americans may remember that at the start of the 2008 financial crisis, Iceland literally went bankrupt. The reasons were mentioned only in passing. Since then, this little-known member of the European Union fell back into oblivion.
As one European country after another fails or risks failing, imperiling the Euro, with repercussions for the entire world, the last thing the powers that be want is for Iceland to become an example. In the March 2010 referendum, 93% of the population voted against repayment of their foreign debt. The citizens of Iceland also drafted a new constitution that would free the country from the exaggerated power of international finance and virtual money.