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Iceland: After the Fall

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Disciplines
  • Economics
  • Political Science

Abstract

Iceland’s three main financial institutions, which accounted for 85 percent of its banking system, crashed within a single week in October 2008. All three (along with the government that had encouraged their forays into the Himalayas of global finance) claimed that they were merely pawns caught in Wall Street’s nefarious games. But the truth is more sobering. For this crisis has exposed the fundamental weakness of Iceland’s economic and political cultures, which are hobbled by institutions more akin to those of the Third World than the First.

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