Financial Post | Business

These past few years have been tough on Iceland, with the tiny, windswept country virtually going bankrupt in the financial crisis and having to take a bailout from the International Monetary Fund.

It’s been hit by soaring unemployment, business failures and massive currency volatility. And now it’s had enough.

The Canadian ambassador to Iceland, Alan Bones, was reportedly set to announce that the Bank of Canada is ready to begin talks about Iceland adopting the loonie as the new national currency instead of the krona.

The hope is that by moving to a larger, more stable currency, Iceland’s economy would enjoy some of the benefits, including better footing for international trade.

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