Iceland’s economic journey

The tiny island nation is making the transition from financial ruin to a fledgling recovery.

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April 12, 2010

Pall Hreinsson, right, the chairman of a special investigative commission, listens as member Sigridur Benediksdottir discusses the commissions’ findings on the events leading to the downfall of Icelandic banks in October 2008 in a news conference in Reykjavik, Iceland. The 2,300-page government-commissioned report detailed a litany of mistakes made by lawmakers, the Central Bank and other regulators in the lead-up to the bank meltdown, an event that wreaked political and economic havoc in the tiny nation.

Brynjar Gunnarsson / AP

Jan. 24, 2009

Demonstrators gesture and chant slogans outside the Parliament building in Reykjavik, Iceland, as thousands protest the government's handling of the economy .

Brynjar Gauti / AP

Jan. 22, 2009

A demonstrator challenges a policeman during a protest outside Parliament in Reykjavik, Iceland. Police used tear gas to break up the angry protest. It was the first time the country's police had used tear gas in more than half a century and came as demonstrators mounted increasingly violent protests against a government they blame for leading once-prosperous Iceland into economic ruin.

Brynjar Gauti / AP

Jan. 21, 2009

Protesters clash with police in an alley at the back of the Parliament building during a demonstration over the handling of the financial crisis in Reykjavik, Iceland.

Thorvaldur Kristmundsson / AP

Jan. 21, 2009

Protesters burn furniture during a demonstration in front of the Parliament building over the handling of the financial crisis in Reykjavik, Iceland.

Thorvaldur Kristmundsson / AP

Jan. 21, 2009

Protesters clash with police during a demonstration over the handling of the financial crisis.

Thorvaldur Kristmundsson / AP

Oct. 27, 2008

From left, Prime Ministers Anders Fogh Rasmussen of Denmark, Geir Haarde of Iceland, Matti Vanhanen of Finland and Jens Stoltenberg of Norway meet in the Government Banquet Hall in Helsinki. Haarde asked for financial support from fellow Nordic countries, saying his nation's banking crisis could spread to the wider economy and result in massive layoffs.

Jussi Nukari / AP

Oct. 10, 2008

A protester addresses the crowd outside the Central Bank of Iceland during a demonstration demanding the resignation of the bank’s chairman, David Oddsson, in Reykjavik, Iceland.

Arni Torfason / AP

Oct. 10, 2008

A protester waves an Icelandic flag outside the Central Bank of Iceland in Reykjavik during a demonstration demanding the resignation of the bank chairman, David Oddsson.

Arni Torfason / AP

Oct. 8, 2008

Despite the financial crisis, construction works continues at a site in Reykjavik, Iceland.

Arni Torfason / AP

Oct. 8, 2008

A protester wearing a shirt that reads "Your bank does not care about you" applauds during a rally over the Icelandic government's handling of the financial crisis near the Parliament building in Reykjavik.

Arni Torfason / AP

Oct. 8, 2008.

Iceland's Prime Minister Geir H. Haarde, right, is handed a letter from a member of the public, Snorri Asmundsson, asking for the resignation of the chairman of Iceland's Central Bank at a news conference in Reykjavik.

Arni Torfason / AP

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ANNAPOLIS, MD - MAY 20: The Herndon Monument Climb is the traditional culmination of plebe year at the United States Naval Academy. The plebes climb to the top of the lard-covered 21 foot high monument and remove the 'dixie cup' hat at the top replacing it with an upperclassman's hat. After completing this, the freshmen are called 'fourth class midshipmen.' This class completed the task in 1 hour 32 minutes and 43 seconds. The hat was placed by Patrick Lien from Orlando. (Photo by Sarah L. Voisin/The Washington Post)

The Herndon Climb

The Herndon Monument climb is the traditional culmination of plebe year at the U.S. Naval Academy.

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A man walks on sulphur and mineral salt formations near Dallol in the Danakil Depression, northern Ethiopia April 22, 2013. The Danakil Depression in Ethiopia is one of the hottest and harshest environments on earth, with an average annual temperature of 94 degrees Fahrenheit (34.4 Celsius). For centuries, merchants have travelled there with caravans of camels to collect salt from the surface of the vast desert basin. The mineral is extracted and shaped into slabs, then loaded onto the animals before being transported back across the desert so that it can be sold around the country. Picture taken April 22, 2013. REUTERS/Siegfried Modola (ETHIOPIA - Tags: BUSINESS SOCIETY TPX IMAGES OF THE DAY)

ATTENTION EDITORS: PICTURE 2 OF 30 FOR PACKAGE 'ETHIOPIA'S ANCIENT SALT TRAIL'
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Ethiopia’s salt trail

For centuries, merchants have traveled to Ethiopia’s Danakil Depression with caravans of camels to collect salt from the surface of the vast desert basin. The mineral is extracted...

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