Iceland Airwaves is to go ahead despite the global financial crisis, despite some acts complaining that they haven’t been paid.
The recent financial crisis hit Iceland particularly hard – the country’s economy is dominated by the banking sector and the government was left to guarantee debts many times larger than the nation’s GDP. This may well be the last Iceland Airwaves event in the current format – the showcase receives government funding which presumably will be cut in line with the recent bank saving operation.
The 10th anniversary Iceland Airwaves event is set to launch later today (October 15th) but many bands have yet to be paid. The financial crisis brought a run on Iceland’s currency, meaning that the organizers will find it much more expensive to pay the band’s than even two weeks ago.
This year’s headliners include Vampire Weekend, CSS and White Lies with lots of performances in venues all round the island. As ever, Clash will be there – read a full preview of the event in our current issue.
Iceland Airwaves begins today (October 15th).
