Iceland is about to go bankrupt. Yes, the Island is heading for national bankruptcy! Iceland going bankrupt was reported first by LALATE NEWS back in October. Now this month Iceland is about to finally go over the edge.

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Above was the speech in October by Iceland’s Prime Minister Geir Haarde.

Now reports say that the bars in Iceland were packed this weekend, people drinking away.

“On Friday and Saturday nights, a succession of bars and clubs are packed out. Judging by the drunken state of most people, they are still spending money here.”

But reports verify the problems go back to winter 2008 when first broke here on LALATE.”Iceland’s troubles did reveal themselves during last week’s tumultuous events. Peaceful demonstrations began in Reykjavik’s main square, outside the Althing (parliament) building, had begun in October immediately after the crash. Last week they erupted in the worst riots since it became a founding member of Nato in 1949. Rocks were hurled at police and the Althing. Its windows were smashed and the building set alight. Over 130 protesters received treatment after police used tear gas to disperse the crowd, and one police officer was seriously injured. “