UK "could experience a crash similar to Iceland"

The global financial crisis could be entering a 'new and more treacherous phase', which could push international countries to the brink of failure and further hinder the global economic recovery, according to Hennessee Group.

Charles Gradante, co-founder of the Hennessee Group, points out that Iceland had one of the highest standards of living in the world just a few months ago, but after experiencing the fastest economic collapse in history, it is suffering from soaring unemployment as well as double digit interest rates and inflation.

Hennessee Group says there are other countries that share some of the same characteristics as Iceland, particularly with regards to its debt to economic output, and could be vulnerable to the same devastating effects of the financial crisis.

It believes it is imperative that world leaders pursue the appropriate policies to stimulate trade and promote worldwide growth so it does not enter a global economic crisis similar to that of the 1930's.

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