Iceland has been particularly hard hit by the international financial crisis. Given that it has few raw materials, the island in the North Atlantic has made finance the cornerstone of its economy. For years, Icelandic banks have thrived, expanding largely with the help of money borrowed from abroad. The credit crunch has left the country bankrupt. The government has nationalized the major banks under an emergency law, but locals are taking the crisis in their stride. Nonetheless, the fall of the Icelandic currency, the Crown, has left the island increasingly dependent on imports.