Financial Crisis
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The Faces Of The Financial Crisis: Ten Years After The Big Crash
2018 marks the tenth anniversary of Iceland’s devastating financial crisis. The beginning of the end can be traced back to events that unfolded in 2007, when the internal dealings and quationable loaning practices of Icelandic banks put foreign investors on edge. With…
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Bjarni Benediktsson Sold Assets Hours Before Financial Crisis
Leaked documents suggest current Prime Minister Bjarni Benediktsson sold all his remaining assets in a Glitnir bank fund called “Sjóður 9“ only hours before the financial crash in 2008. Bjarni’s name has been associated in the Panama Papers scandal, however he has…
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Money Laundering In Iceland, And How We’re Fighting It
Guðrún Árnadóttir and Björn Þorvaldsson do not have the most glamorous jobs in the world. In fact, chances are you never heard of them before if you haven’t been following the Icelandic news for the past ten years now. And yet these…
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Iceland Lifting Remaining Capital Controls
Prime Minister, Bjarni Benediktsson, along with the Ministry of Finance have announced that Iceland will be lifting remaining capital controls as of tomorrow, reports RÚV. “We’ve reached an incredibly enjoyable milestone in our economic development since the financial crisis of 2008 and…
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Iceland Got A Little More Corrupt In 2016
The new government has its work cut out for it. Iceland lost a little credibility in 2016. It has, in fact, become the most corrupt of the Nordic countries, according to the latest results from Transparency International’s Corruption Perceptions Index (CPI). A look…
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‘Ransacked’ At RIFF: A Kick Of Reality
The 2008 financial crisis was felt worldwide. Icelanders were faced with an unprecedented economic depression that continues to affect families today. Pétur Einarsson was a banker until 2006 (a “fortunate coincidence,” he notes). Over the course of the last year Pétur has worked closely…
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600 Silver Lions: How Iceland was Betrayed, Again
The Panama Papers scandal hit us like a tsunami. Iceland, a nation of 330,000, has 600 names on the list! Sweden, with its 9.5 million, has only 200 names. Once again we’re the champions of corruption and swindle, the amoral dimwits of…
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The ABCs Of The Capital Controls: What’s The Plan?
In November 2008, the government instated capital controls to prevent the country’s currency from tanking after the banking collapse. Seven years later, a plan to lift the controls has been announced. As there has been some confusion surrounding the news, here are…
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Iceland: A Symbol Of Hope
I recently got a letter from someone in Slovenia who was interested in Iceland because “Here in Slovenia, where we’re also struggling with a financial and social crisis, Iceland is considered a model of how to make things right.” While in Iceland…
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The mysterious case of the disappearing neoliberal
In the fall of 2008 there was no shortage of proclamations that the implosion of the global financial system meant that the laissez faire et laissez passer economic policies that had been pursued on both sides of the Atlantic were dead. That…