July 31, 2012

Death of a Canary in a Coalmine – The Icelandic Financial Meltdown

Over the last few weeks Iceland’s banking system has collapsed on a spectacular scale. The Icelandic government was forced to nationalise three main banks in rapid succession and concerns about uncertainty over their foreign liabilities has severely strained Iceland’s relations with close and traditional allies to the extent that profound questions about the country’s geopolitical status have been raised.

Over the last few weeks Iceland’s banking system has collapsed on a spectacular scale. The Icelandic government was forced to nationalise three main banks in rapid succession and concerns about uncertainty over their foreign liabilities has severely strained Iceland’s relations with close and traditional allies to the extent that profound questions about the country’s geopolitical status have been raised.


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