Bjork may bring back Iceland's economy

January 2, 2009 8:19:10 AM PST
The key to Iceland's economic recovery may be Bjork.

Forbes magazine reports Bjork has teamed up with Audur Capitol of Reykjavik to raise money to invest in Icelandic businesses.

They won't get to work until later this month, but just having Bjork involved is expected to bring in as much as $16.5 million in investments.

Bjork and Audur will kick in about $826,000. Iceland took a major hit in the global financial crisis.

The government seized control of its banks, and Forbes reports the banks hold debts that are about six times Iceland's annual gross domestic product.