A complete reversal took place in the State Treasury in 2008, mbl.is reports. The income statements now show a 216 billion Króna deficit; 46% of the income.
The Icelandic Króna. Copyright: Icelandic Photo Agency.
The reserve surplus was negative, as opposed to being positive at just under 10 billion ISK, at the end of 2007.
This massive collapse is unprecedented, said Minister of Finance Steingrímur J. Sigfússon.