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Iceland’s banking collapse is the largest suffered by any country in economic history (relative to the size of its economy). As one of the reactions to the crisis, the Icelandic people are drafting a new collaborative constitution, by the contribution of the Icelandic people, elected representatives, they are waiting for the parliament (new election coming up in April 2013) to take this new people-generated consitution and implement it. Gudrun Pétursdóttir was chairman of the Icelandic Constitutional Council, which organized the collaborative and open process for revising Iceland’s constitution after the 2008 crisis.