Iceland has become the latest victim of its own economic excess as hyperinflation and bank failures take their toll. The two largest banks in the country have been nationalized. The country that tried to buy the world now has to pay the piper.
Runs on grocery stores occurred after it was reveled that there wasn’t enough foreign currency to buy food. Cheap foreign laborers have abandoned the country. The krona is now valued just above the currency of Zimbabwe and Turkmenistan.
"What can we do? Watching the news getting worse and worse. We had to go out and be with friends. Maybe it's like the party at the end of the world," says Egill Tomasson, 32, sitting in the Kaffeebarinn bar.