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The failing ambitions of iceland’s banks

October 1, 2008

Iceland has become something of a poster child for a country that borrowed too much money and sucked in cheap capital.

The country’s banks got more than a little carried away.

According to The Financial Times.

“The witch-hunt is sustained by a sense of injustice that these upstarts
got so big in the first place – combined assets of the top three are
about nine times Iceland’s gross domestic product.”

The banks are now of course in terrible trouble forcing the Icelandic government to bail them out with money it doesn’t have.

Posted by Ed Cotton

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