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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.
The Icelandic "outvasion" (Icelandic: útrás) was the period in the economic history of Iceland between 2000 and the onset of its financial crisis in October 2008. With the privatisation of the Icelandic banks being advantageous for investors, there was a large supply of cheap loan capital on the international market.
Some of the 6000 protesters in front of the Alþingishús, seat of the Icelandic parliament, on 15 November 2008. The 2009–2011 Icelandic financial crisis protests, also referred to as the Kitchenware, Kitchen Implement or Pots and Pans Revolution [1] [2] (Icelandic: Búsáhaldabyltingin), occurred in the wake of the Icelandic financial crisis.
The report was performed in a non-stop, 146-hour reading by the Reykjavik City Theatre from April 12–18, 2010. [10]The report was turned into a 'computerized textual mash-up ... resulting in a 65 page long poem' called Gengismunur (“Arbitrage”) by Jón Örn Loðmfjörð; in the assessment of Eiríkur Örn Norðdahl, the poem 'deals with and represents the banality (and hilarity) of the ...
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.
Maybe I Should Have: Frásögn af efnahagsundrinu Íslandi ('The Story of the Economic Wonder, Iceland') is an Icelandic documentary film directed by Gunnar Sigurðsson about the causes and effects of the 2008–2012 Icelandic financial crisis.
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 ...