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The Icelandic financial crisis was a major economic and political event in Iceland between 2008 and 2010. It involved the default of all three of the country's major privately owned commercial banks in late 2008, following problems in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom.
Headquarters of the three banks that collapsed in the autumn of 2008. The following is a timeline of the Icelandic financial crisis which began in earnest in mid September 2008. The combined assets of the three largest Icelandic banks amounted to ten times the country's total gross domestic product (GDP) at the time of their collapse.
Icesave logo. The Icesave dispute was a diplomatic dispute among Iceland, the Netherlands and the United Kingdom.It began after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October 2008.
January 1, 2008 (became Subsidiary) Landesbank Sachsen Landesbank Baden-Württemberg: Landesbank € 328,000,000 [6] February 22, 2008: Northern Rock: Government of the United Kingdom: Retail and mortgage bank [7] April 1, 2008: Bear Stearns, New York City: JPMorgan Chase, New York City Investment bank $ 2.2 × 10 ^ 9 [8] June 7, 2008: Catholic ...
Kaupthing Bank (Icelandic: Kaupþing banki, pronounced [ˈkʰœyːpˌθiŋk ˈpauŋcɪ]) was a major international Icelandic bank, headquartered in Reykjavík, Iceland.It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic-based operations were spun into a new bank New Kaupthing, which was subsequently renamed Arion Banki.
October 21 - Iceland's Kaupthing Bank fails to pay interest to its 50-billion-yen (US$493 million) bondholders in Japan. October 29 - Danish-based low-cost carrier Sterling Airlines files for bankruptcy and stops all passenger flights after its cash-strapped Icelandic investors were unable keep the company afloat.
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November 20, 2008: Iceland obtained an emergency loan from the International Monetary Fund after the failure of banks in Iceland resulted in a devaluation of the Icelandic króna and threatened the government with bankruptcy. [162] November 25, 2008: The Term Asset-Backed Securities Loan Facility was announced. [163]