Iceland makes a dramatic interest increase of its prime rate as it works with the IMF to resolve its financial crisis.  It indicates how easy it is for a country to get into trouble.  These rates are unheard of in North America  since the 1980’s.

Iceland raises interest rates to secure loan

Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.