Iceland is losing its only three McDonald's restaurants as a result of the poor economic situation in the country.
Businessman Magnus Ogmundsson, who owns the only McDonald's franchise in Iceland, said that operating in Iceland has become too expensive, mainly because of how weak the Krona is.
In January 2008, it cost more than 95 Icelandic krona to buy one euro, according to the Central Bank of Iceland. Now you need 185 kronas for 1 euro!
A McDonald's Big Mac hamburger currently sells for the equivalent of $5.29, making Iceland one of the most expensive places in the world to buy the sandwich.
A Big Mac costs about $3.54 in the United States, $2.19 in Australia, $5.07 in Denmark, $1.66 in South Africa, and $1.52 in Malaysia.
SOURCE: http://edition.cnn.com/2009/BUSINESS/10/27/iceland.mcdonalds/index.html
