Iceland faces the music

Gylfi Zoega, 27 November 2008

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Iceland’s borrowing in international credit markets during the period 2003-2007 propelled a macroeconomic expansion as well as the very rapid expansion of the banking sector.1 Borrowing was also undertaken to fund leveraged buy-outs of foreign companies as well as the buying of domestic assets.

Topics: Europe's nations and regions, Financial markets
Tags: banking collapse, EU, Iceland

Iceland: The future is in the EU

Philip Lane, 6 November 2008

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Iceland is undergoing a traumatic financial crisis. In just a few weeks, it has seen the collapse of its currency and its banking system, plus a spectacular decline in its international reputation and its diplomatic relations with long-standing international partners.

Topics: Europe's nations and regions, Financial markets
Tags: banking collapse, EU, euro, Iceland

The collapse of Iceland’s banks: the predictable end of a non-viable business model

Willem Buiter, Anne Sibert, 30 October 2008

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Early in 2008 we were asked by the Icelandic bank Landsbanki (now in receivership) to write a paper on the causes of the financial problems faced by Iceland and its banks, and on the available policy options for the banks and the Icelandic authorities.

We sent the paper to the bank towards the end of April 2008; it was titled:

Topics: Europe's nations and regions, Financial markets
Tags: banking collapse, Iceland

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