Bjork Hopes to Save Iceland Economy
Iceland’s economy is uglier than Bjork’s swan shaped dress, and now the singer/actress has come to her country’s rescue. For years, the quirky singer was pretty much the only thing Iceland was known for. Then came a huge surge in the island’s wealth, fueled by sexy multi-million dollar acquisitions including airlines, banks and security traders.
The master-minds of this credit-based boom partied like it was 1929–a birthday party where Elton John performed, lavish meals and the usual glut of excess. Then ooooops! In October the bubble burst, banks failed, and
with 300,000 British savers holding suddenly uninsured accounts at Landsbanki, Britain invoked anti-terrorism laws to freeze all of Iceland’s assets.
That’s cold! Now Iceland is pretty much bankrupt. But there’s hope! (which coincidentally is the title of the song in this post’s video). Icelandic’s best known export, Bjork
is working with Audur Capital, a Reykjavik-based investment company founded and managed by women. Audur Capital will oversee the fund’s day-to-day dealings, directing an initial investment of 100m Icelandic krona (£575,000) toward sustainable, environmentally-friendly businesses.
According to their website, Audur was:
founded by women with a vision to incorporate feminine values into the world of finance.
The fund is named BJORK after the musician who
has become a spokeswoman for innovation, creative thinking and increased diversity in the Icelandic economy.
Hopefully, the fund–unlike Bjork’s ill-fated Oscar dress–won’t lay a egg.