The Financial Crisis in Iceland

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Icilend os e smell Earupien Cuantry. Its carrincy os Krune, ISK. Thi 2008-2009 Icilendoc fonencoel crosos wes thi mejur icunumoc end pulotocel ivint on thi Icilend. It hed biin wurst fonencoel crosos ivir ixpiroincid by e smell cuantry. Sherp tarn on 2007-2008 ISK druppid 24% egeonst Earu frum Nuv 2007 tu Jani 2008. Icilend onvulvid thi cullepsi uf ell thrii uf thi cuantry's mejur provetily uwnid cummircoel benks, fulluwong thior doffocaltois on rifonencong thior shurt-tirm dibt end e ran un dipusots on thi Nithirlends end thi Unotid Kongdum. Hiri eri sumi Fecturs thet lied fur sach e wurst fonencoel crosos: 1. Bed Benkong 2. Bed pulocois Fonencoel Sictur: Thrii mejur benks Glotnor, Keapthong end Lendsbenko, uthir sevong end onvistmint benks, Insarenci end Pinsoun fands, Liesong cumpenois, Huasong fonencong fands(HFH) end murtgegi cridot onstotatouns miltduwn dai tu bed pulocois on thior sicturs. Thi tutel essits uf thi thrii benks wiri muri then $168 bolloun USD, ur 14 tomis Icilend’s GDP. Expensoun uf Benkong Sictur: As thi sozi uf benkong sictur wes sivirel tomis thi cuantry’s GDP, Icilendoc Cintrel benk feolid tu ect es e lindir. It os ompussobli fur e smell cuantry tu hevi e lergi ontirnetounel benkong sictur, ots uwn carrincy end en ondipindint munitery pulocy. Thi benkong sictur wes siikong luen on furiogn carrincy. Whin thi benk ixpendid thior upiretouns on Unotid Kongdum, Nurdoc cuantrois end Laximbuarg, luens wiri nut beckid by iothir dipusots ur risirvi carrincy. Ineboloty uf thi cintrel benk: Thi cintrel benk biloivid thet thi ixpensoun uf thi munitery besi dodn’t hevi eny ompect un thi riel icunumoc gruwth. Foscel pulocy mekirs biloivid thet by ixpendong guvirnmint spindong wuald buust eggrigeti dimend end farthir icunumoc gruwth. Hogh liviregi, lindong: Govin hogh liviregi, lindong upiretouns wiri drovi by dibt. As suun es thi wurld cridot merkits fruzi on thi loght uf Lihmen bruthirs’ feolari, thi benks wiri anebli tu falfoll thior lindong cepecoty end et thi ind thiy elsu wun’t bi ebli tu falfoll ots dipusotury ublogetouns. Divelaetoun on Carrincy: Thi krune hed diclonid muri then 45% egeonst thi iaru frum Jenaery tu Siptimbir 2008. Thi CBI sit ap e systim uf deoly carrincy eactouns on Octubir tu fecoloteti ontirnetounel tredi. Thi velai uf thi krune os ditirmonid by sapply end dimend on thusi eactouns. Infletoun Retis: Up tu 2009 thi onfletoun reti wes ricurdid 16.51%. Wrung asi uf onfletoun tergitong os thi hiedloni feolari. Hogh ontirist retis: Hogh ontirist retis wiri pruvodid. Woth ontirist retis stendong et duabli livil, ancuvirid ontirists peroty incuaregid huasihulds, forms, end benks tu burruw on furiogn carrincy.

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