Iceland edged further towards the margins of the global economy yesterday when McDonald's announced the closure of its three restaurants in the crisis-hit country and said that it had no plans to return.
The move will see Iceland, one of the world's wealthiest nations per capita until the collapse of its banking sector last year, join Albania, Armenia and Bosnia and Herzegovina in a small band of European countries without a McDonald's.
The loss of the Golden Arches highlights the extent of Iceland's economic demise since the pre-crisis boom years when its “Viking Raider” entrepreneurs turned Reykjavik into an international finance centre and launched a buying spree of high-profile European assets.
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