Present world is facing economic debacle and it has really become difficult for individuals to manage with their expenses as well financial obligations together. Government is also trying to manage the situation as soon as possible. Mainland of Europe is facing collision of banking system due to this global tragedy. But in spite of all these adverse situations, Iceland have shows other Europeans how to survive after bankruptcy . Refer with the below mentioned figures to find recommendations taken by Iceland to deal with the situation.
Gross domestic product (GDP) per capita of Iceland was little more than 65,500 in 2007.
2008 was onset of financial collapse, during this period, central bank of Iceland has saved biggest banks from collision because of its guarantee of future savings in 2001.
Central bank come out of commission in attempt to save other banks and bankrupted itself.
Country experienced bankruptcy and GDP per capita falls to 38,000 in 2009.
Economic performance of Iceland has been described as impressive by International monetary fund despite of lower GDP and per capita. After 2009, the country has tried to manage unemployment, fiscal deficit and economic growth. Economic performance of Iceland has given benefits to save big banks of the country and it also helps central bank to overcome from bankruptcy. Iceland has forced itself to restructure its financial situation even after economic collapse that makes to grow itself.
Eurozone is concerning about the collapse of Greece. It should look out at Iceland how to recover from financial collapse. Government is trying to bailout big banks from collision. However, if Greece has faced bankruptcy in recent days then it must make big and recent recoveries alike Iceland to manage the situation.
Other European countries are also worrying about the fallouts related to economic collapse. It is important to manage situation as early as possible to avoid collapse in any other country.
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