As of October 2008, what country may face national bankruptcy?

edmund80

Iceland? "Iceland's Prime Minister has given a televised speech warning that the country faces possible "national bankruptcy" due to the global financial crisis. Geir Haarde made the comments last night following a day of panic on stock markets across the world. Iceland is particular exposed to the financial crisis as its banking sector totally dwarves the rest of the economy. The situation has led to soaring inflation and a massive fall in the value of the Icelandic krona." I'm not sure if this is what you are looking for, as I am a little confused by the word "state". I am assuming you are referring to the whole sovereign state of Iceland and not subnational entities like we have here in the U.S. http://www.belfasttelegraph.co.uk/breaking-news/world/europe/iceland-on-brink-of-national-bankruptcy-over-bank-crisis-13994580.html Oct 07 08, 8:54 PM

author

The answer is correct. I am always confused when Americans think of "state" only as a subnational US state. In most of the world the word refers mainly to a sovereign state, although states like Germany and Austria also have federal states as subdivisions. When I write "state" I always mean a national state. Not to confuse the Americans, what should I write? Nation? Oct 07 08, 9:03 PM

edmund80

Usually it is written as "the State of ___", as in the great and stupendous State of California, that way we are not confused. Or as our guuver-nator would say "the State of Kah-lee-for-neeya", (that's Ahhnuld, in case you don't know). http://www.ca.gov/ Oct 07 08, 9:13 PM