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Quite a turnaround for Iceland. In 2008, Iceland became a symbol of the 2008 global financial meltdown. Now it hopes to end its isolation by lifting capital controls imposed during the crisis. In October 2008, thecountry’s banking system was taken over by the government, after its three largest banks ran out of money.In November of 2008, Iceland imposed capital controls to protect the krona and stop foreign currency flooding out of the country. In March of this year, the government announced it is no longer seeking EU membership. And this month, Iceland’s parliament approved measures to ease the end of capital controls. A big recovery in seven years.
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