Iceland frozen by meltdown

Major demonstrations have followed the collapse of Iceland’s economy, as a public enraged by the commercial – and suspected moral – bankruptcy of the nation vent their fury

27th December, 2008

At the beginning of 2008, the volume of lending between international banks had slowed to a trickle, but it had stopped altogether for the three main Icelandic banks - Glitnir, Kaupthing and Landsbanki.

Icelandic CDS rates, the cost of insuring inter-bank debt, had soared to over six percentage points - a level at which the banks could not viably operate. Questions were asked by economists and financial pundits, and were answered by bullish statements from the...

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