October 9th, 2008
05:55 PM GMT
REYKJAVIK, Iceland – The credit crisis consuming the island nation of Iceland and its small population has come just as the tourist season slows down heading into winter.But there are real worries that visitors might skip Iceland altogether if their own country dips into recession.
The one bright spot amid this financial mess is that the Icelandic krona has fallen more than 50 percent against the U.S. dollar in the past 12 months.
The manager of the hotel where I am staying says the country can no longer be seen as a high-cost destination.
They already plan to target Christmas tourists from New York and Boston. It's about five hours each way and Iceland hopes Americans will come and try the outdoor spas and see the glaciers and geysers and whales, and do a little shopping.
I just ran into a group of Northern Irish students on a spending binge. They could not believe how far their pound was stretching.
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