By G. Johnsen
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Additional info for Bringing Down the Banking System: Lessons from Iceland
The banks go bankrupt without any attempt to intervene by the government, rendering payments systems defunct. A new law is required so that deposit holders receive primary claims to the bankrupt-estates. 8 times GDP for C. 98 The members of the group argue the options as increasing panic marks the meeting. The prime minister’s economic advisor, Tryggvi Thor Herbertsson, argues with the two outside economists, Jon Steinsson and Fridrik Mar Baldursson, over whether to mention the International Monetary Fund (IMF) in the presentation slides.
5 The prime minister’s speech did not calm the situation–it raised the stakes. People were surprised, shocked, and alarmed; and for Icelanders looking to their elected leader to set their minds at ease, the broadcast did nothing of the sort. On the other hand, the entire nation was now on the same page–just as alarmed as the prime minister himself had been for several weeks. The pleasant August days in New York City in 2007 were suddenly put into a new and more personal perspective. My own country, Iceland, had become the canary in the coalmine of the world financial crisis.
24,000 kr. Iceland was going through a transition, with economic indicators improving after several years of missteps. There was optimism in the air, a sense of increased prosperity. ILLUSION OF PROSPERIT Y 9 Like my coworkers, I was pleased to have a decent job, being able to make my first investment in real estate. At the same time, I became curious to study the relationship between the incentives and the different economic outcomes they might yield, both for financial institutions and for other firms.
Bringing Down the Banking System: Lessons from Iceland by G. Johnsen