Sunday, December 28, 2008

Can Bjork save Iceland?

Avant-garde singer Bjork is stepping up to try to rescue the economy of her native Iceland.

The Icelandic economy nearly collapsed in September when the financial crisis began, the country's three major banks were heavily invested in the sub-prime loan market and were clobbered, along with much of the island's economy. Iceland's currency, the krona, has lost half its value and the nation’s economy is expected to shrink by nearly 10% next year.

So in an effort to help make things better, Bjork is launching a venture capital fund with a pool of $800,000 to start with. The fund will focus on companies using environmentally responsible technologies and will fund "companies that create value through the uniqueness of Iceland’s nature and culture," according to Bjork's people.
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