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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.
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. Two-thirds of the banks liabilities were denominated in a foreign currency.
Spines of the report. Antecedents and Causes of the Collapse of the Icelandic Banks in 2008 and Related Events (Icelandic: Aðdragandi og orsakir falls íslensku bankanna 2008 og tengdir atburðir), better known as The Report of the Investigation Commission of Althing (Icelandic: Skýrsla rannsóknarnefndar Alþingis, or just Rannsóknarskýrsla Alþingis), and earlier referred to as a 'White ...
Iceland's catastrophic financial crisis got lost in the shuffle of the global 2008 collapse. A new book reveals that it may have been the most brazen scam of all.
What happened in Iceland isn't pretty. A month ago, it was one of Europe's richest countries: clean, efficient, thoroughly civilized, and living well. Then, suddenly, as international markets ...
Banking in Iceland faced a crisis in 2008, which resulted in the government taking over three of its largest commercial banks. The short-term liabilities of Icelandic banks in proportion to Iceland's GDP are 211%, as of 11 October 2008, or 480% of the country's national debt, and the average leverage ratio (assets/net worth) is 1 to 14.
With the financial crisis of 2007–08, this debt was becoming increasingly difficult to refinance, especially after the collapse in mid-September of U.S. financial-services firm Lehman Brothers. Matters came to a head during the weekend of 4–5 October, with numerous comments in the British press and on discussion forums questioning the ...
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.