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ICELAND might be called the first national casualty of the global financial tumult. Its currency, the krona, is in free fall. Foreign exchange markets are effectively closed ù for Icelanders who need to travel abroad, dollars or euros are nowhere to be found.

The stock market has shut down until next week. The Government has been placed in the role of international beggar, asking Nordic neighbours, the Russians and perhaps the International Monetary Fund for emergency loans.

For an estimated 100,000 Icelanders ù a third of the population ù who owned shares in the nation's three major banks, savings have been wiped out in a single, tumultuous week by events thousands of kilometres away.

"What can we do? This is not a simple matter ù this is a national tragedy," said Vilhjalmur Bjarnason, a professor of business at the University of Iceland.

He owned stock in all three banks. "I was planning to use this money for my daughters, who are handicapped," Professor Bjarnason said. "The fundamental question is: how can this happen in a civilised society?"

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Originally by: Titus Vulso

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The tiger died, now vultures are circling ready to pick apart its rotting carcass.

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