| Season of discontent |
Christmas has come to Iceland with a melancholic note this year. The shops are selling less and application for church aid has doubled. Many people have been forced to subdue bring down their Christmas celebrations in the wake of the economic slowdown.
Iceland has been the worst sufferer of the current crisis. Three of its major banks failed, late this year as the financial tsunami hit the country. It had to go to the IMF for a $10 bn loan to stave off a meltdown.
A large number of the middle class have lost their jobs due to the failure in the banking sector. Retail too has been hit. Profit margins have fallen by 20% to 40%.
Some 2,500 have had to resort to giving their children gifts from charity. What to do? This after all is the season of giving.
But Iceland is not the only one hit. There at least Santa is still welcome, Croatia on the other hand had banned Christmas celebration altogether in the wake of the global crisis.
Bulgaria, the poorest member of the European Union, had too cancel its Christmas celebrations after EU cancelled aid because of large scale embezzlement.
Only Australia seems to be having a ball with no effect of the economic slowdown showing on its Christmas celebrations.
|
|
|
