Iceland farewells McDonald's9:59AM Tuesday Oct 27, 2009
By Gudjon Helgason and Jane Wardell
Iceland's three McDonald's restaurants will close as the franchise owner gives in to falling profits. Photo / AP
REYKJAVIK, Iceland — All three of Iceland's McDonald's restaurants in the capital Reykjavik will close next weekend, as the franchise owner gives in to falling profits caused by the collapse in the Icelandic krona.
"The economic situation has just made it too expensive for us," Magnus Ogmundsson, the managing director of Lyst Hr., McDonald's franchise holder in Iceland, told The Associated Press on Monday.”
And here is an excerpt from a summarised snapshot by a Cornell academic……..
“Iceland is a modern welfare state, in the spirit of its Scandinavian neighbours and cousins. Everybody reaps the benifits of free health care, free education (from the preschool to the University level), guaranteed pension and high standards of living, while paying the price of a near 50% income tax. Illiteracy, poverty, prostitution and violent crime are virtually unknown in modern Iceland, and the nation is one of the wealthiest in the world, with regard to its size. The main industries are fishing, tourism, geo-thermal industries (e.g. Bláa lónið) and increasingly high-tech industries.”