Tag #47

Iceland is a European island country located in the North Atlantic Ocean on the Mid-Atlantic Ridge. It has a population of about 320,000 and a total area of 103,000 km². The capital and largest city is Reykjavík, with the surrounding areas in the southwestern region of the country being home to some two-thirds of the national population. Until the 20th century, the Icelandic population relied largely on fisheries and agriculture. In 1994, the nation became party to an agreement that established the European Economic Area, thus allowing it to diversify from fishing to economic and financial services.

In recent years, Iceland has been one of the wealthiest and most developed nations in the world. In 2007, it was ranked as the most developed country in the world by the United Nations' Human Development Index, and the fourth most productive country per capita. In 2008, the nation's banking system systematically failed, causing significant economic contraction and political unrest that led to early parliamentary elections making Jóhanna Sigurðardóttir the country's Prime Minister. (source) Thank you Heidi!