A few weeks ago, Iceland nationalized its banks, halted currency trading and shut down its stock exchange.
"It's a strange situation to live in one of the wealthiest countries in the world and now all of a sudden, we find ourselves almost like beggars," Icelandic journalist Sigridur Hagalin Bjornsdottir tells Alex Cohen.
"Before, we didn't have any unemployment," she says, but now hundreds of people who worked in the banks are losing their jobs and she expects many businesses throughout the country will soon go bankrupt.
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