Stephen Timewell reports from Reykjavik on Iceland’s rapid transformation into a pan-European banking force. Iceland is a truly amazing country. And it is not just the volcanoes, the geo-thermal springs or even singer Bjork that make it unique.

Iceland boasts a banking sector that almost doubled in asset size last year, an economy that grew at 5.2% in 2004 and an expected 6.6% this year and a GDP per capita amongst the highest in the world at $40,250 in 2004.

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