One word on every tongue in Iceland these days is kreppa. Normally it means to be "in a pinch" or "to get into a scrape", but when it is applied to the economy, it becomes "financial crisis". In time kreppa may become the word that conjures up the disastrous meltdown that is now taking place in the country's economy.rnIceland's kreppahas been long in the making and, at least for some, widely anticipated. The economy has wobbled a few times in recent years. But few could have predicted the speed or ferocity with which the country's banking system, credit rating and currency collapsed under the pressure of the credit crisis.
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