Iceland may become the first country to go bankrupt because of the financial crisis. The country is having to atone for a 10-year binge of investment and spending during which banks and residents expanded well beyond their means. The Icelandic government has been working to get ahead of issues, but the crisis is moving too fast, taking down banks and other companies, along with many residents' life savings. Kaupthing Bank, Iceland's largest lender, was nationalized today.
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