The country’s financial collapse is to blame. That’s cold. Jon Ogmundsson, the owner of Iceland’s three McDonald’s locations, has chosen to close up shop in the country. Why’s that? Let him explain: “With the collapse of the Icelandic krona, our food costs have doubled. Business is good, but the bottom line is not sexy.” You know it’s bad when the most prevalent, visible icon of globalization is pulling out of your country. Bjork is probably the only person in Iceland with money right now. source
The Royal Bank of Scotland, well-known for its globalization efforts, has been ordered by the British government to pump billions into the British credit market. source
So RBS can redouble its efforts in its homeland, the company has recently started to scale back and tried to sell a number of its global endeavors – in countries big and small. source
Due to the new tightening of credit in developing countries such as Vietnam and Romania, the world credit market takes a hit and begins to constrict even more. Yikes. source