Topzle Topzle

2008–2011 Icelandic financial crisis

Updated: Wikipedia source

2008–2011 Icelandic financial crisis

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. Relative to the size of its economy, Iceland's systemic banking collapse was the largest of any country in economic history. The crisis led to a severe recession and the 2009 Icelandic financial crisis protests. In the years preceding the crisis, three Icelandic banks, Kaupthing, Landsbanki and Glitnir, multiplied in size. This expansion was driven by ready access to credit in international financial markets, in particular money markets. As the 2008 financial crisis unfolded, investors perceived the Icelandic banks to be increasingly risky. Trust in the banks gradually faded, leading to a sharp depreciation of the Icelandic króna in 2008 and increased difficulties for the banks in rolling over their short-term debt. At the end of the second quarter of 2008, Iceland's external debt was 9.553 trillion Icelandic krónur (€50 billion), more than 7 times the GDP of Iceland in 2007. The assets of the three banks totaled 14.437 trillion krónur at the end of the second quarter 2008, equal to more than 11 times the national GDP. Due to the huge size of the Icelandic financial system in comparison with the Icelandic economy, the Central Bank of Iceland was unable to act as a lender of last resort during the crisis, further aggravating the mistrust in the banking system. On 29 September 2008, it was announced that Glitnir would be nationalised. However, subsequent efforts to restore faith in the banking system failed. On 6 October, the Icelandic legislature instituted an emergency law which enabled the Financial Supervisory Authority (FME) to take control over financial institutions and made domestic deposits in the banks priority claims. In the following days, new banks were founded to take over the domestic operations of Kaupthing, Landsbanki and Glitnir. The old banks were put into receivership and liquidation, resulting in losses for their shareholders and foreign creditors. Outside Iceland, more than half a million depositors lost access to their accounts in foreign branches of Icelandic banks. This led to the 2008–2013 Icesave dispute, which ended with an EFTA Court ruling that Iceland was not obliged to repay Dutch and British depositors minimum deposit guarantees. In an effort to stabilize the situation, the Icelandic government stated that all domestic deposits in Icelandic banks would be guaranteed, imposed strict capital controls to stabilize the value of the Icelandic króna, and secured a US$5.1bn sovereign debt package from the IMF and the Nordic countries in order to finance a budget deficit and the restoration of the banking system. The international bailout support programme led by IMF officially ended on 31 August 2011, while the capital controls which were imposed in November 2008 were lifted on 14 March 2017. The financial crisis had a serious negative impact on the Icelandic economy. The national currency fell sharply in value, foreign currency transactions were virtually suspended for weeks, and the market capitalisation of the Icelandic stock exchange fell by more than 90%. Iceland underwent a severe economic depression. Its gross domestic product dropped by 10% in real terms between the third quarter of 2007 and the third quarter of 2010. A new era with positive GDP growth started in 2011, and has helped foster a gradually declining trend for the unemployment rate. The government budget deficit has declined from 9.7% of GDP in 2009 and 2010 to 0.2% of GDP in 2014; the central government gross debt-to-GDP ratio was expected to decline to less than 60% in 2018 from a maximum of 85% in 2011.

Tables

Iceland's account in 2007 and 2008:Exports (imports) of goodsper month in millions of euros · Development › Currency
Sept.
Sept.
Col 1
Sept.
2007
204.4(316.3)
2008
325.0(323.5)
Oct.
Oct.
Col 1
Oct.
2007
274.6(370.7)
2008
310.8(239.0)
Nov.
Nov.
Col 1
Nov.
2007
346.4(373.3)
2008
250.6(236.7)
Goods excluding ships and aircraft. Data from Statistics Iceland and the Central Bank of Iceland: conversion from ISK at Central Bank of Iceland monthly average exchange rates.For comparison, monthly average exports (imports) of services were €139.3M (€185.4M) in Q2/2007; €125.6M (€151.9M) in Q2/2008.
Goods excluding ships and aircraft. Data from Statistics Iceland and the Central Bank of Iceland: conversion from ISK at Central Bank of Iceland monthly average exchange rates.For comparison, monthly average exports (imports) of services were €139.3M (€185.4M) in Q2/2007; €125.6M (€151.9M) in Q2/2008.
Col 1
Goods excluding ships and aircraft. Data from Statistics Iceland and the Central Bank of Iceland: conversion from ISK at Central Bank of Iceland monthly average exchange rates.For comparison, monthly average exports (imports) of services were €139.3M (€185.4M) in Q2/2007; €125.6M (€151.9M) in Q2/2008.
2007
2008
Sept.
204.4(316.3)
325.0(323.5)
Oct.
274.6(370.7)
310.8(239.0)
Nov.
346.4(373.3)
250.6(236.7)
Goods excluding ships and aircraft. Data from Statistics Iceland and the Central Bank of Iceland: conversion from ISK at Central Bank of Iceland monthly average exchange rates.For comparison, monthly average exports (imports) of services were €139.3M (€185.4M) in Q2/2007; €125.6M (€151.9M) in Q2/2008.
Ratings of Icelandic sovereign debt(long-term foreign currency) · Development › Sovereign debt
Fitch
Fitch
Agency
Fitch
29 Sep 2008
A+
10 Oct 2008
BBB–
Moody's
Moody's
Agency
Moody's
29 Sep 2008
Aa1
10 Oct 2008
A1
R&I
R&I
Agency
R&I
29 Sep 2008
AA
10 Oct 2008
BBB–
S&P
S&P
Agency
S&P
29 Sep 2008
A–
10 Oct 2008
BBB
Agency
29 Sep 2008
10 Oct 2008
Fitch
A+
BBB–
Moody's
Aa1
A1
R&I
AA
BBB–
S&P
A–
BBB

References

  1. The Economist
    http://www.economist.com/world/europe/displaystory.cfm?story_id=12762027
  2. "Iceland. Selected issues"
    http://www.imf.org/external/pubs/ft/scr/2015/cr1573.pdf
  3. Electoral Politics in Crisis After the Great Recession: Politics Transformed?
    https://doi.org/10.4324%2F9780429436345
  4. "External debt"
    https://web.archive.org/web/20081021220411/http://www.sedlabanki.is/?pageid=552&itemid=a55be3a0-9943-484e-a8de-46d23f17ba25&nextday=4&nextmonth=12
  5. Statistics Iceland
    https://www.statice.is/?PageID=444&newsid=2950&highlight=Gross%20Domestic%20Product%202007
  6. "Interim Financial Statement 2008Q2"
    https://web.archive.org/web/20090205091126/http://www.glitnirbank.com/servlet/file/2quarter_2008.pdf?ITEM_ENT_ID=11447&COLLSPEC_ENT_ID=156
  7. The New York Times
    https://www.nytimes.com/2017/03/14/business/iceland-economy-finance-capital-controls.html?_r=0
  8. "Seasonally adjusted quarterly volume growth in GDP 1980–2014"
    https://www.statice.is/?PageID=1267&src=https://rannsokn.hagstofa.is/pxen/Dialog/varval.asp?ma=THJ01703%26ti=Seasonally+adjusted+quarterly+volume+growth+in+GDP+1980-2014%26path=../Database/thjodhagsreikningar/landsframleidsla_althj/%26lang=1%26units=Percent
  9. "Hagstofa Íslands. Helstu hagstærðir hins opinbera 1980–2014"
    https://hagstofa.is/?PageID=2602&src=https://rannsokn.hagstofa.is/pxis/Dialog/varval.asp?ma=THJ00511%26ti=Helstu+hagst%E6r%F0ir+hins+opinbera+1980%2D2014++++++++++%26path=../Database/thjodhagsreikningar/fjarmal_opinber/%26lang=3%26units=Millj%F3nir%20Kr%F3na/v%EDsitala/hluthlut
  10. "Stefna í lánamálum ríkisins 2015–2018"
    https://www.fjarmalaraduneyti.is/media/frettatengt2015/Stefna_i_lanamalum_rikisins_2015-2018.pdf
  11. "Exchange rate"
    https://web.archive.org/web/20081012075147/http://www.sedlabanki.is/Default.aspx?PageID=183
  12. "Economic Indicators"
    http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=6451
  13. "Monetary Bulletin Q2"
    https://web.archive.org/web/20201122221035/https://www.sedlabanki.is/lisalib/getfile.aspx?itemid=6271
  14. "Foreign exchange market"
    https://web.archive.org/web/20081014060946/http://www.sedlabanki.is/?PageID=287&NewsID=1881
  15. The New York Times
    https://www.nytimes.com/2008/10/09/business/worldbusiness/09iht-icebank.4.16827672.html
  16. "Temporary modifications in currency outflow"
    http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=6493
  17. "Euro foreign exchange reference rates"
    http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html
  18. "Temporary foreign exchange arrangements"
    https://web.archive.org/web/20090131215904/http://www.sedlabanki.is/?PageID=287&NewsID=1913
  19. "Currency auction"
    https://web.archive.org/web/20090131215914/http://www.sedlabanki.is/?PageID=921
  20. The Daily Telegraph
    https://web.archive.org/web/20081101143200/http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3273300/Iceland-raises-rates-to-18pc-as-part-of-IMFs-1bn-rescue.html
  21. "Balance sheet of the Central Bank"
    http://wayback.vefsafn.is/wayback/20081117190258/www.sedlabanki.is/?pageid=552&itemid=6ddfb9f5-9d76-426b-b4f0-7b29d62726e4&nextday=4&nextmonth=12
  22. "Monetary policy statement of the Board of Governors of the Central Bank of Iceland: Of vital importance to stabilise the foreign exchange market and strengthen the króna"
    https://web.archive.org/web/20081220063647/http://www.sedlabanki.is/?PageID=287&NewsID=1983
  23. "Rules on foreign exchange No. 1082"
    http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=6631
  24. "New foreign exchange regulation"
    https://web.archive.org/web/20081220063641/http://www.sedlabanki.is/?PageID=287&NewsID=1980
  25. "Questions and answers about foreign exchange matters"
    https://web.archive.org/web/20081220063652/http://www.sedlabanki.is/?PageID=287&NewsID=1985
  26. IceNews
    https://web.archive.org/web/20121027135131/http://www.icenews.is/index.php/2008/12/03/floating-kronur-and-flying-eggs/
  27. Iceland Review
    https://web.archive.org/web/20090131134155/http://www.icelandreview.com/icelandreview/daily_life/?cat_id=16571&ew_0_a_id=315319
  28. "External trade, preliminary figures for November 2008"
    https://web.archive.org/web/20130521220650/http://www.statice.is/Pages/444?NewsID=2895
  29. "Interbank foreign exchange market"
    https://web.archive.org/web/20081220064051/http://www.sedlabanki.is/?PageID=287&NewsID=1988
  30. BBC News
    https://news.bbc.co.uk/1/hi/business/7857743.stm
  31. "Iceland's inflation hits record 18.6 percent in Jan"
    https://web.archive.org/web/20120225023611/http://www.freshplaza.com/news_detail.asp?id=37630
  32. Time
  33. "The government of Iceland acquires 75 percent share in Glitnir Bank"
    https://web.archive.org/web/20081002023742/http://www.glitnir.is/english/about-glitnir/news/detail/item14983/The_government_of_Iceland_acquires_75_percent_share_in_Glitnir_Bank/
  34. "The Government of Iceland provides Glitnir with new equity"
    https://eng.forsaetisraduneyti.is/news-and-articles/nr/3016
  35. BBC News
    https://news.bbc.co.uk/2/hi/business/7641753.stm
  36. The Wall Street Journal
    https://www.wsj.com/articles/SB122425739356744673?mod=sphere_ts&mod=sphere_wd
  37. The Sunday Times
    https://web.archive.org/web/20090701113726/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4881378.ece
  38. BBC News
    https://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/10/creditors_call_time_on_iceland.html
  39. The Guardian
    https://www.theguardian.com/world/2008/oct/05/iceland.creditcrunch
  40. "How Long Can Icelandic Banks Last?, Will all Icelanders go bankrupt?"
    https://www.housepricecrash.co.uk/forum/index.php?showtopic=89949
  41. "Address to the Nation by H.E. Geir H. Haarde, Prime Minister of Iceland"
    https://eng.forsaetisraduneyti.is/news-and-articles/nr/3035
  42. "Act No. 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc"
    https://wayback.archive-it.org/all/20081217112335/http://www.tryggingarsjodur.is/modules/files/file_group_26/fréttir/Act_No125-2008.pdf
  43. "Deposit Guarantee"
    https://eng.forsaetisraduneyti.is/news-and-articles/nr/3033
  44. "Landsbanki Guernsey Limited in Administration"
    http://www.gfsc.gg/Banking/News%5CPages/Landsbanki-Guernsey-Limited-in-.aspx
  45. "Further update on Landsbanki Guernsey in administration"
    https://web.archive.org/web/20081013100814/http://www.landsbanki.co.gg/
  46. "Chief Minister Statement on Landsbanki"
    https://web.archive.org/web/20110723180035/http://www.gov.gg/ccm/treasury-and-resources/press-releases/2008/chief-minister-statement-on-landsbanki.en
  47. The Guardian
    https://www.theguardian.com/business/2008/oct/07/iceland.banking
  48. "Landsbanki's Operations Continued Under Unchanged Management"
    http://wayback.vefsafn.is/wayback/20081114214737/http://www.landsbanki.is/english/aboutlandsbanki/pressreleases/?GroupID=720&NewsID=13284&y=0&p=1
  49. "Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland"
    https://web.archive.org/web/20081010062539/http://www.fme.is/?PageID=581&NewsID=331
  50. "Banking (Special Provisions) Act 2008" c. 2.
    https://www.statutelaw.gov.uk/content.aspx?activeTextDocId=3450001
  51. "The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008" No. 2644.
    https://www.opsi.gov.uk/si/si2008/uksi_20082644_en_1
  52. "The Transfer of Rights and Liabilities to ING Order 2008" No. 2666.
    https://www.opsi.gov.uk/si/si2008/uksi_20082666_en_1
  53. "Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland"
    https://web.archive.org/web/20081016015442/http://www.fme.is/?PageID=581&NewsID=337
  54. "Glitnir's Operations Continued – Lárus Welding to continue as CEO"
    https://archive.today/20081014121006/http://www.glitnir.is/english/about-glitnir/news/detail/item15927/Glitnir's_Operations_Continued_%E2%80%93_Larus_Welding_to_continue_as_CEO
  55. Iceland Review
    https://web.archive.org/web/20120217174334/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16567&ew_0_a_id=314205
  56. "Statement by the Chancellor on financial stability"
    https://web.archive.org/web/20081011062730/http://www.hm-treasury.gov.uk/statement_chx_081008.htm
  57. "The Landsbanki Freezing Order 2008" Archived 12 December 2008 at the Wayback Machine No. 2668. opsi.gov.uk.
    http://www.opsi.gov.uk/si/si2008/uksi_20082668_en_1
  58. "Anti-terrorism, Crime and Security Act 2001" c. 24. opsi.gov.uk.
    https://www.opsi.gov.uk/Acts/acts2001/ukpga_20010024_en_1
  59. "Financial sanctions > Current regimes > Landsbanki"
    https://web.archive.org/web/20081021203340/http://www.hm-treasury.gov.uk/fin_sanctions_landsbanki.htm
  60. "UK govt launching legal action against Iceland"
    https://www.citywire.co.uk/money/update-uk-govt-launching-legal-action-against-iceland/a316803
  61. "Mjög óvinveitt aðgerð"
    https://mbl.is/mm/frettir/innlent/2008/10/09/mjog_ovinveitt_adgerd/
  62. "Darling's pledge to Icesave savers"
    https://web.archive.org/web/20081012235908/http://ukpress.google.com/article/ALeqM5gIrwQn2oxfrbF2Jz4ehKIqmRQJrw
  63. "Britain vows to protect savers"
    https://web.archive.org/web/20081010184234/http://www.news.com.au/business/story/0%2C27753%2C24467268-31037%2C00.html
  64. The Daily Telegraph
    https://www.telegraph.co.uk/finance/businesslatestnews/3185190/UK-freezes-4bn-of-Icelandic-assets.html
  65. "The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008" No. 2674.
    https://www.opsi.gov.uk/si/si2008/uksi_20082674_en_1
  66. BBC News
    https://news.bbc.co.uk/2/hi/business/7662000.stm
  67. "Bretar knésettu stærsta fyrirtæki Íslendinga með valdníðslu"
    http://www.mbl.is/mm/frettir/innlent/2008/10/11/bretar_knesettu_staersta_fyrirtaeki_islendinga_med_/
  68. "Address to the Althing on the economic situation in Iceland by His Excellency the Prime Minister, Mr. Geir H. Haarde"
    https://eng.forsaetisraduneyti.is/news-and-articles/nr/3075
  69. "Kaupthing Edge is being wound up"
    https://web.archive.org/web/20110927171437/http://www.riksbank.com/templates/Page.aspx?id=29213
  70. "Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland"
    https://web.archive.org/web/20081014153056/http://www.fme.is/?PageID=581&NewsID=340
  71. "Kaupthing Bank turns to the Icelandic FSA"
    https://web.archive.org/web/20081012012716/http://www.kaupthing.com/pages/164?path=K%2F133944%2FPR%2F200810%2F1258139.xml
  72. "Communiqué de Presse / Press Release"
    https://web.archive.org/web/20081212231001/http://www.kaupthing.lu/About-Us/Press-release
  73. "SFBC takes measures to protect investors of the Swiss Branch of Kaupthing Bank"
    https://web.archive.org/web/20081025000405/http://www.ebk.admin.ch/e/aktuell/index.html
  74. "Kaupthing Singer & Friedlander (Isle of Man) Ltd"
    http://www.gov.im/lib/docs/fsc/PressReleases/ksfpressrelease091008.pdf
  75. "Rajat suljettiin islantilaispankeilta"
    https://web.archive.org/web/20131215142712/http://www.kauppalehti.fi/5/i/talous/uutiset/etusivu/uutinen.jsp?oid=2008%2F10%2F15271
  76. "The Landsbanki Freezing Order 2008 (General Licence)" Archived 29 October 2008 at the Wayback Machine.
    http://www.hm-treasury.gov.uk/d/finsanc_landsbanki_general_091008.pdf
  77. "The Landsbanki Freezing Order 2008 (General Licence) (L2)" Archived 29 October 2008 at the Wayback Machine.
    http://www.hm-treasury.gov.uk/d/finsanc_landsbanki_l2_131008.pdf
  78. The Guardian
    https://www.theguardian.com/money/2008/oct/14/savings-banking
  79. Reuters
    https://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSOSL00845120081012
  80. Iceland Review
    https://web.archive.org/web/20120217174410/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16539&ew_0_a_id=314005
  81. Iceland Review
    https://web.archive.org/web/20120217174449/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16567&ew_0_a_id=314064
  82. Aftenposten
    https://web.archive.org/web/20081024033357/http://www.aftenposten.no/english/local/article2727423.ece
  83. "Temporary suspension from trading"
    https://web.archive.org/web/20081211141800/http://www.fme.is/?PageID=581&NewsID=328
  84. BBC News
    https://news.bbc.co.uk/2/hi/business/7660511.stm
  85. The Independent
    https://www.independent.co.uk/news/business/news/icelandic-stock-market-crashes-on-reopening-961419.html
  86. BBC News
    https://news.bbc.co.uk/2/hi/business/7666498.stm
  87. "Definitive list of constituents in OMXI15 index"
    https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=190910
  88. "Equities resume trading in Iceland"
    http://www.omxnordicexchange.com/
  89. IceNews
    http://www.icenews.is/index.php/2008/10/14/stock-exchange-update/
  90. "Index info"
    http://www.nasdaqomxnordic.com/indexes/index_info/?Instrument=ICEIS0000004380
  91. "The Republic of Iceland's sovereign credit rating"
    https://web.archive.org/web/20081009223338/http://www.sedlabanki.is/?PageID=789
  92. "International Credit Update – Republic of Iceland"
    https://web.archive.org/web/20171121204556/https://www.sedlabanki.is/lisalib/getfile.aspx?itemid=6475
  93. "CIA – The World Factbook"
    https://www.cia.gov/the-world-factbook/countries/iceland/
  94. "Fitch downgrades Iceland to 'BBB-'; remains on Rating watch Negative"
    http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=6487
  95. "Moody's downgrades Iceland's ratings to A1 from Aa1; review continues"
    http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=6483
  96. "Iceland Minister Says IMF Aid Needed to Attract Foreign Loans"
    https://www.bloomberg.com/apps/news?pid=20601085&sid=ajdlxBMwjMMU&refer=europe
  97. Iceland Review
    https://web.archive.org/web/20120217172915/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=28304&ew_0_a_id=313200
  98. "Iceland Seeks Loan From Russia, Pegs Currency"
    https://www.bloomberg.com/apps/news?pid=20601087&sid=aV.chNI42D8o&refer=home
  99. "Ísland fær risalán frá Rússlandi"
    https://web.archive.org/web/20081010123149/http://ruv.is/heim/frettir/frett/store64/item229999/
  100. Business Week
    https://web.archive.org/web/20081012034450/http://www.businessweek.com/globalbiz/content/oct2008/gb2008109_947306.htm?campaign_id=rss_daily
  101. Reuters
    https://www.reuters.com/article/bondsNews/idUSLF14318220081015?sp=true
  102. "The Central Bank of Iceland draws on swap facility arrangements"
    http://www.omxnordicexchange.com/newsandstatistics/companynotices/IFrameCNSMessage//?node=https%3A//newsclient.omxgroup.com/cdsPublic/viewDisclosure.action%3FdisclosureId%3D293561%26messageId%3D346338
  103. "ECB Power Grows Beyond Borders as Neighbors Seek Aid"
    https://www.bloomberg.com/apps/news?pid=newsarchive&sid=ahVJCzeiIPhs
  104. "Iceland set for $2.1bn IMF help"
    https://web.archive.org/web/20090131060539/http://www.iceland.org/info/iceland-imf-program/
  105. "Transcript of Regular Press Briefing by David Hawley, Senior Advisor, External Relations Department"
    http://www.imf.org/external/np/tr/2008/tr111308.htm
  106. Financial Times
    https://www.ft.com/content/ed069984-b022-11dd-a795-0000779fd18c
  107. "Iceland Gets $4.6 Billion Bailout From IMF, Nordics"
    https://www.bloomberg.com/apps/news?pid=20601085&sid=a3Zf1f9IBUWg&refer=europe
  108. "Background information on Nordic loans to Iceland"
    https://web.archive.org/web/20110720192703/http://eng.fjarmalaraduneyti.is/publications/news/nr/12286
  109. "Dutch €1.3bn loan to Iceland agreed"
    https://www.dutchnews.nl/news/archives/2008/11/dutch_13bn_loan_to_iceland_agr.php
  110. The Daily Telegraph
    https://web.archive.org/web/20081203171411/http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3491442/UK-Treasury-lends-Iceland-2.2bn-to-compensate-Icesave-customers.html
  111. Financial Times
  112. For the purposes of comparison, both the external debt of Icelandic banks and the Icelandic GDP have been converted at a
  113. The Economist
    http://www.economist.com/markets/indicators/displaystory.cfm?story_id=8649005
  114. "Iceland teeters on the brink of bankruptcy"
    https://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown
  115. The Economist
    http://www.economist.com/finance/displaystory.cfm?story_id=12382011
  116. Para. 19, "Letter of Intent to the International Monetary Fund" (PDF). 3 November 2008.
    https://www.forsaetisraduneyti.is/media/Skyrslur/LOI.pdf
  117. "Economic Indicators"
    https://web.archive.org/web/20101218013836/http://sedlabanki.is/lisalib/getfile.aspx?itemid=6628
  118. BBC News
    https://news.bbc.co.uk/1/hi/world/europe/7852275.stm
  119. "International reserves and foreign currency liquidity – September 2008"
    https://web.archive.org/web/20081010223028/http://www.sedlabanki.is/?pageid=552&itemid=29d909f3-c66a-41a3-bc6c-dadb8cac486f&nextday=7&nextmonth=11
  120. Calculated as £4 billion in Icesave deposits and £2.5 billion in deposits at Heritable Bank and Kaupthing Singer & Fried
  121. The Independent
    https://www.independent.co.uk/news/business/news/lawyers-head-to-iceland-to-get-cash-back-958345.html
  122. "Consultation on Parental Upstreaming and the Introduction of Depositor Protection and Ombudsman Schemes"
    https://web.archive.org/web/20081029195833/https://www.gfsc.gg/UserFiles/File/Banking/Consultation_on_Parental_Upstreaming_and_the_Introduction_of_Depositor_Protection_and_Ombudsman_Schemes.pdf
  123. "Statement from Landsbanki Íslands hf: Landsbanki did not transfer funds from the UK to Iceland"
    http://wayback.vefsafn.is/wayback/20081114214700/http://www.landsbanki.is/english/aboutlandsbanki/pressreleases/?GroupID=720&NewsID=13336&y=0&p=1
  124. BRUEGEL policy contribution Dezember 2011, Zsolt Darvas, A Tale of Three Countries: Recovery after Banking Crises, p. 6-
  125. "New Landsbanki Takes Over Domestic Operations of Landsbanki Islands hf"
    https://web.archive.org/web/20081014153117/http://www.fme.is/?PageID=581&NewsID=342
  126. "Decision of the Financial Supervisory Authority (FME) on the disposal of assets and liabilities of Landsbanki Íslands hf., ID no. 540291-2259, to New Landsbanki Íslands hf., ID no. 471008-0280"
    http://www.fme.is/lisalib/getfile.aspx?itemid=5678
  127. "Decision of the Financial Supervisory Authority (FME) on the disposal of assets and liabilities of Glitnir Bank hf., ID no. 550500-3530, to New Glitnir Bank hf., ID no. 491008-0160"
    http://www.fme.is/lisalib/getfile.aspx?itemid=5683
  128. "New Kaupthing Bank Takes Over Domestic Operations of Kaupthing banki hf"
    https://web.archive.org/web/20120217043240/http://www.fme.is/?PageID=581&NewsID=349
  129. "The provisional opening balance sheets of the three new banks"
    https://web.archive.org/web/20081227121521/http://www.fme.is/?PageID=581&NewsID=362
  130. Euro equivalents for these amounts have been calculated using the Central Bank of Iceland rate for the date on which the
  131. "Press release – Glitnir banki hf ("Old Glitnir")"
    http://www.glitnirbank.com/
  132. "Kaupthing Bank hf. granted a moratorium"
    https://web.archive.org/web/20081124202752/http://www.kaupthing.com/pages/164?path=K%2F133944%2FPR%2F200811%2F1272546.xml
  133. BRUEGEL policy contribution Dezember 2011, Zsolt Darvas, A Tale of Three Countries: Recovery after Banking Crises, p. 7
  134. "Um 300 fá ekki störf í Nýja Landsbankanum"
    https://www.mbl.is/mm/frettir/innlent/2008/10/13/um_300_fa_ekki_storf_i_nyja_landsbankanum/
  135. Reuters
    https://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSLA15877520081010
  136. "Icelandic Shoppers Splurge as Currency Woes Reduce Food Imports"
    https://www.bloomberg.com/apps/news?pid=20601085&sid=aVFtDRGwcc50&refer=europe
  137. "Temporary delay in international payments"
    http://wayback.vefsafn.is/wayback/20081114214620/http://www.landsbanki.is/english/aboutlandsbanki/pressreleases/?GroupID=720&NewsID=13350&y=0&p=1
  138. "Staðan í hnotskurn"
    http://www.ll.is/?i=2&f=8&o=994
  139. "Fréttatilkynning frá Landssamtökum lífeyrissjóða"
    http://www.ll.is/?i=2&f=8&o=993
  140. The Independent
    https://www.independent.co.uk/news/business/news/crisis-deepens-for-iceland-as-last-of-big-three-banks-is-nationalised-956711.html
  141. "Iceland Cuts Key Interest Rate to 12% From 15.5%"
    https://www.bloomberg.com/apps/news?pid=20601085&sid=azrp3E_O4HNE&refer=europe
  142. IceNews
    http://www.icenews.is/index.php/2008/11/22/interest-in-jobs-abroad/#comment-53133
  143. Iceland: Financial System Stabulity Assessment, IMF country report No. 08/368, December 2008, page 11
  144. "Salary Cuts for 14 Percent of Wage Earners"
    https://web.archive.org/web/20090131134203/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16539&ew_0_a_id=318273
  145. "Iceland applies to join European Union". CNN.com. 17 July 2009.
    https://www.cnn.com/2009/WORLD/europe/07/17/iceland.eu.application/index.html?iref=newssearch
  146. RÚV, Application not formally withdrawn
    https://ruv.is/frett/umsoknin-ekki-formlega-dregin-til-baka
  147. Silja Bára Ómarsdóttir & Viktor Orri Valgarðsson (2020) Anarchy in Iceland?The global left, pirates and socialists in po
  148. Silja Bára Ómarsdóttir & Viktor Orri Valgarðsson (2020) Anarchy in Iceland?The global left, pirates and socialists in po
  149. Silja Bára Ómarsdóttir & Viktor Orri Valgarðsson (2020) Anarchy in Iceland?The global left, pirates and socialists in po
  150. BBC News
    https://news.bbc.co.uk/2/hi/uk_news/politics/7660438.stm
  151. The Independent
    https://www.independent.co.uk/news/uk/politics/audit-chiefs-invested-pound10m-in-iceland-963112.html
  152. The Daily Telegraph
    https://web.archive.org/web/20081018183311/http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3202888/Councils-can-recover-a-third-of-frozen-Iceland-deposits-within-months.html
  153. "Tynwald Approves Raising of £50,000 Savings Guarantee"
    https://web.archive.org/web/20081012140422/http://www.iomtoday.co.im/politics/Tynwald-approves-raising-50000-savings.4576500.jp
  154. "Isle of Man Pledges Action on Kaupthing Collapse"
    https://web.archive.org/web/20081013072559/http://www.iomtoday.co.im/politics/Isle-of-Man-pledges-action.4580891.jp
  155. BBC News
    https://news.bbc.co.uk/2/hi/programmes/moneybox/7665119.stm
  156. "Iceland Reaches Deposit Accord With U.K., Netherlands"
    https://www.bloomberg.com/apps/news?pid=20601085&sid=aijgJy15_hJI
  157. Reuters
    https://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLB53875520081011?pageNumber=2&virtualBrandChannel=0&sp=true
  158. Art. 10, "Act No 98/1999 on Deposit Guarantees and Investor- Compensation Scheme".
    http://eng.idnadarraduneyti.is/laws-and-regulations/nr/1165
  159. Icelandic Depositors' and Investors' Guarantee Fund "Financial statements 2007" Archived 30 March 2014 at the National a
    http://www.tryggingarsjodur.is/modules/files/file_group_26/arsreikningur%202007_enska.pdf
  160. "Written ministerial statements – TREASURY – Contingencies Fund"
    https://publications.parliament.uk/pa/cm200708/cmhansrd/cm081013/wmstext/81013m0001.htm#08101310000002
  161. The Guardian
    https://web.archive.org/web/20160113074250/http://www.theguardian.com/business/2016/jan/13/britain-has-been-fully-reimbursed-for-icesave-bank-collapse-iceland-says
  162. Financial Times
  163. "Iceland's Development Community Grapples with Foreign Aid Cut"
    https://www.devex.com/articles/iceland-s-development-community-grapples-with-foreign-aid-cut
  164. Lewis, Christina S.N. (27 February 2009). "Strapped Iceland Lists Homes in D.C., New York, London". The Wall Street Jour
    https://www.wsj.com/articles/SB123570510242090561
  165. Valdimarsson, Omar (28 August 2009). "Iceland parliament approves debt bill". Reuters. Retrieved 4 February 2013.
    https://www.reuters.com/article/ousiv/idUSTRE57R3B920090828
  166. The New York Times
    https://dealbook.nytimes.com/2010/02/26/icesave-talks-break-down-and-referendum-looms/
  167. "1. Kafli Verkefni og skipan nefndarinnar"
    http://www.rna.is/eldri-nefndir/addragandi-og-orsakir-falls-islensku-bankanna-2008/skyrsla-nefndarinnar/bindi-1-kaflar-1-6/1.-kafli/
  168. "Special Prosecutor"
    https://web.archive.org/web/20150426184621/http://www.serstakursaksoknari.is/english/special-prosecutor/
  169. Bloomberg.com
    https://www.bloomberg.com/news/articles/2013-09-12/iceland-prosecutor-investigates-convicts-bankers-for-financial-crimes
  170. RÚV
    https://www.ruv.is/frett/rannsokn-allra-hrunmala-er-lokid
  171. Mason, Rowena (14 April 2009). "Iceland banking inquiry finds murky geysers runs deep". The Telegraph.
    https://web.archive.org/web/20090414215739/http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5145969/Iceland-banking-inquiry-finds-murky-geysers-runs-deep.html
  172. "Aron Karlsson dæmdur í tveggja ára fangelsi"
    https://visir.is/aron-karlsson-daemdur-i-tveggja-ara-fangelsi-/article/2012121118956
  173. "Dæmdur í tveggja ára fangelsi"
    https://mbl.is/frettir/innlent/2012/11/19/daemdur_i_tveggja_ara_fangelsi/
  174. "Aron Karlsson fékk tvö ár"
    https://ruv.is/frett/aron-karlsson-fekk-tvo-ar
  175. "Þyngri dómur fyrir að blekkja banka"
    https://web.archive.org/web/20130922041440/http://www.dv.is/frettir/2013/9/19/thyngri-domur-fyrir-ad-blekkja-banka/
  176. "Baldur fékk tvö ár óskilorðsbundið"
    https://visir.is/baldur-fekk-tvo-ar-oskilordsbundid/article/2011110409257
  177. "Baldur dæmdur í tveggja ára fangelsi"
    https://web.archive.org/web/20160307035538/http://www.dv.is/frettir/2011/4/7/baldur-daemdur-i-tveggja-ara-fangelsi/
  178. "Hæstiréttur staðfesti dóminn – Baldur í tveggja ára fangelsi"
    https://visir.is/haestirettur-stadfesti-dominn---baldur-i-tveggja-ara-fangelsi/article/2012120219084
  179. "Tímamótadómur yfir Baldri Guðlaugssyni"
    https://visir.is/timamotadomur-yfir-baldri-gudlaugssyni/article/2011704089937
  180. "Lýður Guðmundsson greiðir tvær milljónir í sekt – Bjarnfreður sýknaður"
    https://visir.is/lydur-gudmundsson-greidir-tvaer-milljonir-i-sekt---bjarnfredur-syknadur/article/2013130539930
  181. "Lýður dæmdur til að greiða tvær milljónir í sekt"
    https://mbl.is/frettir/innlent/2013/05/30/daemdur_til_ad_greida_2_milljonir/
  182. "Lýður þarf að greiða 2 milljónir í sekt"
    https://web.archive.org/web/20160304090933/http://www.dv.is/frettir/2013/5/30/lydur-tharf-ad-greida-2-milljonir-i-sekt/
  183. "Lýður og Bjarnfreður dæmdir í fangelsi"
    https://visir.is/lydur-og-bjarnfredur-daemdir-i-fangelsi/article/2014140319423
  184. "Lýður og Bjarnfreður dæmdir í fangelsi"
    https://mbl.is/frettir/innlent/2014/03/13/daemdir_i_fangelsi/
  185. "Dæmdir sekir í Exista-máli"
    https://web.archive.org/web/20160304090940/http://www.dv.is/frettir/2014/3/13/lydur-i-atta-manada-fangelsi/
  186. "Bjarni Ármannsson dæmdur í hálfs árs skilorðsbundið fangelsi"
    https://visir.is/bjarni-armannsson-daemdur-i-halfs-ars-skilordsbundid-fangelsi/article/2013130629243
  187. "Bjarni dæmdur í 6 mánaða skilorðsbundið fangelsi"
    https://mbl.is/frettir/innlent/2013/06/28/bjarni_i_6_manada_skilordsbundid_fangelsi/
  188. "Dómur Bjarna Ármannssonar þyngdur"
    https://visir.is/domur-bjarna-armannssonar-thyngdur-/article/2014140519342
  189. "Hæstiréttur þyngdi refsingu Bjarna"
    https://mbl.is/frettir/innlent/2014/05/15/haestirettur_thyngdi_refsingu_bjarna/
  190. "Imon-málið: Sigurjón og Elín sýknuð"
    https://visir.is/imon-malid--sigurjon-og-elin-syknud/article/2014140609469
  191. "Sigurjón og Elín dæmd í fangelsi"
    https://ruv.is/frett/sigurjon-og-elin-daemd-i-fangelsi
  192. "Sigurjón dæmdur í þriggja og hálfs árs fangelsi"
    https://web.archive.org/web/20151010012237/http://www.dv.is/frettir/2015/10/8/sigurjon-daemdur-i-thriggja-og-halfs-ars-fangelsi/
  193. "Hæstiréttur dæmir Sigurjón og Elínu til fangelsisvistar"
    https://visir.is/haestirettur-daemir-sigurjon-og-elinu-til-fangelsisvistar/article/2015151008789
  194. "Sigurjón í þriggja og hálfs árs fangelsi"
    https://www.mbl.is/frettir/innlent/2015/10/08/sigurjon_i_3_ars_fangelsi/
  195. "Eins árs fangelsi fyrir innherjasvik"
    https://visir.is/eins-ars-fangelsi-fyrir-innherjasvik-/article/2013130319877
  196. "Dæmdur í tólf mánaða fangelsi fyrir innherjasvik"
    https://web.archive.org/web/20130529035617/http://www.vb.is/frettir/81792/
  197. "Lárus Welding og Guðmundur Hjaltason sakfelldir"
    https://visir.is/larus-welding-og-gudmundur-hjaltason-daemdir-i-fangelsi-/article/2012121229270
  198. "Lárus og Guðmundur dæmdir í fangelsi"
    https://web.archive.org/web/20150518161118/https://dv.is/frettir/2012/12/28/larus-og-gudmundur-sakfelldir-i-vafningsmalinu/
  199. "Sýknaðir í Vafningsmálinu"
    https://visir.is/syknadir-i-vafningsmalinu/article/2014140219411
  200. "Lárus og Guðmundur sýknaðir"
    https://mbl.is/frettir/innlent/2014/02/13/larus_og_gudmundur_syknadir/
  201. "Sýknaðir þrátt fyrir ásetning"
    https://web.archive.org/web/20160307170656/http://www.dv.is/frettir/2014/2/13/syknadir/
  202. "Þarf að greiða tvo milljarða vegna sjálfskuldaábyrgðar"
    https://mbl.is/frettir/innlent/2013/11/28/hannes_greidi_2_milljarda/
  203. "Ákæru á hendur Hannesi Smárasyni vísað frá"
    https://visir.is/akaeru-a-hendur-hannesi-smarasyni-visad-fra/article/2014140329203
  204. "Ákæru á hendur Hannesi vísað frá"
    https://mbl.is/frettir/innlent/2014/03/26/akaeru_a_hendur_hannesi_visad_fra_9/
  205. "Kæra frávísun í máli Hannesar Smárasonar"
    https://visir.is/kaera-fravisun-i-mali-hannesar-smarasonar/article/2014140328809
  206. "Al-Thani málið: Þungir fangelsisdómar yfir Kaupþingsmönnum"
    https://visir.is/al-thani-malid-thungir-fangelsisdomar-yfir-kaupthingsmonnum/article/2013131219659
  207. "Hreiðar fékk fimm og hálfs árs fangelsi"
    https://mbl.is/frettir/innlent/2013/12/12/daemdur_i_fimm_og_halfs_ars_fangelsi/
  208. "Kaupþingsmennirnir fengu þunga dóma"
    https://web.archive.org/web/20131216071759/http://www.dv.is/frettir/2013/12/12/kaupthingsmennirnir-fengu-thunga-doma/
  209. visir.is
    https://www.visir.is/g/202043392d/iceland-jails-former-kaupthing-bank-bosses
  210. "Exeter-menn sýknaðir"
    https://visir.is/exeter-menn-syknadir/article/2011110628885
  211. "Exeter menn sýknaðir"
    https://web.archive.org/web/20160307040422/http://www.dv.is/frettir/2011/6/29/exeter-menn-syknadir/
  212. "Fjögurra og hálfs árs fangelsi í Exeter-málinu"
    https://visir.is/fjogurra-og-halfs-ars-fangelsi-i-exeter-malinu/article/2012120609219
  213. "Fjögur og hálft ár fyrir umboðssvik"
    https://mbl.is/frettir/innlent/2012/06/07/fjogur_og_halft_ar_fyrir_umbodssvik/
  214. "Áfrýjar í Imon-málinu"
    https://visir.is/afryjar-i-imon-malinu/article/2014140609431
  215. "Styrmir Þór sýknaður í Exeter-málinu"
    https://mbl.is/frettir/innlent/2013/01/31/styrmir_thor_syknadur_i_exeter_malinu/
  216. "Styrmir Þór sýknaður í Exeter-málinu"
    https://web.archive.org/web/20130203082236/http://www.dv.is/frettir/2013/1/31/styrmir-thor-syknadur-i-exeter-malinu/
  217. "Exeter-dómi snúið: Styrmir í árs fangelsi"
    https://visir.is/exeter-domi-snuid-styrmir-i-ars-fangelsi/article/2013131039779
  218. "Styrmir Þór fékk eins árs dóm"
    https://mbl.is/frettir/innlent/2013/10/31/styrmir_or_fekk_eins_ars_dom/
  219. "Fyrrverandi forstjóri í fangelsi fyrir umboðssvik"
    https://web.archive.org/web/20150518161113/https://dv.is/frettir/2013/10/31/fyrrverandi-forstjori-i-fangelsi-fyrir-umbodssvik/
  220. "Robert and Vincent Tchenguiz arrested in Iceland probe". BBC News. 9 March 2011.
    https://www.bbc.co.uk/news/business-12688072
  221. "Tchenguiz brothers arrested in SFO Kaupthing investigation" Archived 15 July 2011 at the Wayback Machine, PropertyMall,
    http://www.propertymall.com/press/article/24799
  222. bbc.co.uk https://www.reuters.com/article/sfo-brief-idUSFWN0Q600M20140731
    https://www.bbc.co.uk/news/business-28490405
  223. The Águst Guðmundsson involved here should not be confused with Águst Guðmundsson, who is a famous Icelandic filmmaker o
  224. Mason, Rowena (19 October 2008). "Iceland falls out of love with its billionaires". The Telegraph.
    https://web.archive.org/web/20081022013209/http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3227409/Iceland-falls-out-of-love-with-its-billionaires-financial-crisis.html
  225. "Icelanders Take to Streets to Protest Policy Makers' Failures. On January the third, the thirteenth consecutive protest was held. The protest bringing from 4000–7000 demonstrators(facts vary)"
    https://www.bloomberg.com/apps/news?pid=20601085&sid=a0r9Lfo7mSUw&refer=europe
  226. "Inviterer Russland"
    https://web.archive.org/web/20090104171235/http://klassekampen.no/55221/article/item/null
  227. Politiken
    http://politiken.dk/newsinenglish/article596825.ece
  228. "Iceland to Britain: 'We're No Terrorists'". "Time". 3 November 2008.
    https://web.archive.org/web/20081106112849/http://www.time.com/time/world/article/0,8599,1855901,00.html
  229. "Who are you calling terrorists, Mr Brown?". The Independent. 24 October 2008
    https://www.independent.co.uk/news/world/europe/who-are-you-calling-terrorists-mr-brown-971471.html
  230. "Relations in deep freeze as Iceland denounces UK's 'unfriendly' action"[dead link]. The Times. 10 October 2008
    http://www.timesonline.co.uk/tol/news/politics/article4916933.ece
  231. USA Today
    https://web.archive.org/web/20220214002720/http://usatoday30.usatoday.com/news/world/2008-11-14-727094515_x.htm
  232. People's Daily
    http://english.people.com.cn/90001/90777/90853/6540625.html
  233. "Social Alliance Leads Rivals in Iceland: Angus Reid Global Monitor"
    https://web.archive.org/web/20081227043049/http://www.angus-reid.com/polls/view/32339/social_alliance_leads_rivals_in_iceland
  234. "Táragasi beitt á Austurvelli"
    https://www.mbl.is/mm/frettir/innlent/2009/01/22/taragasi_beitt_a_austurvelli/
  235. PM of Iceland steps down, elections to take place in May
    http://www.icenews.is/index.php/2009/01/23/pm-of-iceland-steps-down-elections-to-take-place-in-may/#more-5432
  236. The San Diego Union-Tribune
    http://www.utsandiego.com/news/2009/jan/25/eu-iceland-elections-012509/?ap
  237. Prime Minister Formally Tenders Government's Resignation
    https://eng.forsaetisraduneyti.is/news-and-articles/nr/3348
  238. Iceland's coalition government resigns
    https://eng.utanrikisraduneyti.is/speeches-and-articles/nr/4746
  239. IceNews - Daily News -
    http://www.icenews.is/index.php/2009/01/26/icelands-figurehead-president-has-important-decision-to-make/
  240. New Icelandic government under negotiation
    https://web.archive.org/web/20121027135210/http://www.icenews.is/index.php/2009/01/27/new-icelandic-government-being-negotiated/
  241. Sigurdardóttir Ready to Become Iceland's PM
    https://web.archive.org/web/20100114072010/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16567&ew_0_a_id=319005
  242. Geir Haarde segist bera einn alla ábyrgð á FL Group styrknum
    https://web.archive.org/web/20090411144615/http://eyjan.is/blog/2009/04/08/geir-haarde-segist-bera-einn-alla-abyrgd-a-fl-group-styrknum/
  243. Iceland Review
    https://web.archive.org/web/20101003104847/http://www.icelandreview.com/icelandreview/search/news/Default.asp?ew_0_a_id=360575
  244. ABC News
    https://abcnews.go.com/Business/wireStory?id=11748263
  245. Iceland Review
    https://web.archive.org/web/20110325065640/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16539&ew_0_a_id=368276
  246. Aftenposten
    https://web.archive.org/web/20101001222900/http://www.aftenposten.no/nyheter/uriks/article3831879.ece
  247. "Trial of Iceland ex-PM Haarde over 2008 crisis begins". BBC News. 5 March 2012.
    https://www.bbc.co.uk/news/world-europe-17254544
  248. "Iceland ex-PM Haarde 'partly' guilty over 2008 crisis". BBC News. 23 April 2012.
    https://www.bbc.co.uk/news/av/business-17820739
  249. "OECD Economic Surveys – Iceland, June 2011". oecd.org.
    http://www.oecd.org/document/16/0,3746,en_2649_201185_43946384_1_1_1_1,00.html
  250. "Gud velsigne Island!( Finanskrisen, Makro og politkk, Utenriks )"
    https://archive.today/20120702211413/http://e24.no/spesial/finanskrisen/article2696518.ece
  251. Institutional Investor
    https://web.archive.org/web/20120920005048/http://www.institutionalinvestor.com/Article/2845172/Iceland-To-Raise-1B-In-Bond-Sale.html?ArticleId=2845172
  252. The Wall Street Journal
    https://www.wsj.com/articles/SB10001424052702304319804576387572241329838?mod=googlenews_wsj
  253. Iceland's Tourism Revolution
    https://www.youtube.com/watch?v=17oZPYcpPnQ
  254. OECD Economic Surveys: Iceland 2011 -OECD – 2011 Page 50 "The Housing Finance Fund (cont.).. The increasing difficulties
  255. The Wall Street Journal
    https://www.wsj.com/articles/SB10001424052702304203604577396171007652042?mod=ITP_pageone_0
  256. Financial Times
    https://www.ft.com/intl/cms/s/0/298407e8-b19a-11e2-b324-00144feabdc0.html#axzz2eKmrZdHa
  257. "Sigrún Davíðsdóttir's Icelog"
    http://uti.is/2013/07/aspects-of-capital-controls-in-iceland-and-cyprus-and-the-long-time-damaging-effect/
  258. "Iceland Lacks Currency for Easy Exit of Krona Creditors"
    https://www.bloomberg.com/news/2013-04-30/iceland-lacks-currency-for-easy-exit-of-krona-creditors-1-.html
  259. Financial Times
    https://www.ft.com/intl/cms/s/0/20fa6168-f5fa-11e2-a55d-00144feabdc0.html?siteedition=intl#axzz2eKmrZdHa
  260. "Iceland Keeps Western Europe's Highest Rate as Krona Stable"
    https://www.bloomberg.com/news/2013-08-21/iceland-keeps-western-europe-s-highest-rate-as-inflation-slows.html
  261. "Iceland Premier Says No Date to Lift Controls (video interview)"
    https://www.bloomberg.com/video/iceland-premier-says-no-date-to-lift-controls-1b~cNwqVTO6wEvCKoF6rww.html
  262. BBC News, 'Iceland to end capital controls from 2008 financial crisis' (12 March 2017).
    https://www.bbc.co.uk/news/business-39248677
  263. Kári Tulinius, 'So What's This Literary Scandal I Keep Hearing About?', The Reykjavík Grapevine (9 June 2015).
    https://grapevine.is/culture/literature-and-poetry/2015/06/09/so-whats-this-literary-scandal-i-keep-hearing-about/
  264. The Telegraph
    https://www.telegraph.co.uk/finance/economics/11507810/Iceland-looks-at-ending-boom-and-bust-with-radical-money-plan.html
Image
Source: —
Tip: Wheel or +/− to zoom, drag to pan, Esc to close.