Fast Money, Big Bust
As the overwhelming majority of Icelanders reject a bill that would saddle each citizen with almost 50K of debt, here's a look at the country's thirst for new business models.
"We are a small people, accustomed to bad weather and difficulties. We find challenges rather inspiring", says a designer for ELM, a start-up fashion label that embodies Iceland's new approach to business. Tired of bankers' Monopoly games, Icelanders place their future in the hands of creative innovators. "Sustainable economics - the aim to do well and do good business" has become the investors' new credo. Recent mass mobilizations against the controversial Icesave bill reflected how much Icelanders reject the old ways. As singer and businesswoman Bjork puts it: "We focused on far too many big companies and forgot about the small businesses". For Iceland now, it's all about successful downsizing.FULL SYNOPSIS