"The case of Iceland, which in recent weeks has nationalized its three major banks, shut its stock exchange and halted trading in its currency, is by now well known. Less well known is the speed with which the Icelandic disease is spreading." So writes Anne Applebaum in the washintonpost.com. She goes on: "The banks of Iceland had debts larger than Iceland's gross domestic product, Hungary's finances were long mismanaged, and Ukraine, whose president just called for the third election in as many years, is badly governed. But the speed with which some of these defaults are happening, coupled with the paranoia inherent in the political culture of small countries, has led many to suspect political manipulation as well….Political instability will follow economic instability like night follows day. Iceland is not alone. Serbia, the Baltic states, Kazakhstan, Indonesia, South Korea and Argentina are all in financial trouble; so, too, are Russia and Brazil."
These are troubled times and everyone wishes they were different. Nevertheless, next year's crop of Euro and other translated crime fiction novels should be buzzing! Not only might we expect excitements from our favourite Icelandic authors (also pointed out at Crime Scraps), but, it seems, Eastern Europe, Russia and beyond as well. Not a silver lining by any means, but a small chink in the gloom to which we can look forward, perhaps.