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At the dawn of the financial crisis, Iceland was controlled by the Independent Party, a right-wing party with decidedly neo-liberal economic policies. Over the past 19 years, banks had been privatized, regulations cut, and the corporate tax rate lowered to 18%. Personal income tax, on the other hand, was held at 36%, regardless of income. As global concern over bank failures grew, the Icelandic government continued to assure citizens that all was well. However, in September 2008, the Icelandic bank Glitner failed, followed closely by the remaining Icelandic banks, Landsbanki and Kaupthing.

There were many organizations dedicated to the realization of full women’s rights in Iceland in 1975, drawing from a history of previous women’s movements that dealt with the issues of suffrage, national independence, and equal rights. Such movements had lost momentum since the 1920s when groups of women had put together women’s slates for election to parliament and municipal governments.