Iceland is thinking of adopting the Canadian dollar
People gathered for a weekly demonstration to protest against the economical situation in Reykjavik on Dec. 20, 2008. Iceland was one of the hardest-hit victims of the credit crunch.
Iceland is reportedly looking to ditch their unstable currency and adopt the Canadian dollar, the Globe and Mail reports — and Canada might let them.
Canadian ambassador Alan Bones is due to say tomorrow that if Iceland is sincere in its intention, the two countries should enter talks.
Ambassador Bones was reportedly approached last year by a number of prominent Icelandic businessmen.
The plan seems to be the latest unorthodox idea in Iceland's remarkably successful recovery. It may work as a prevention against the economic disaster in 2008, providing a stable and liquid currency, but would leave the country less in control of its own economy.
7 out of 10 Icelanders are reportedly in favor of the plan, but the official hope is currently to join the euro.
Read more details at the Globe and Mail >
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