Iceland's Banking Collapse
The privatization of Iceland's banks in the early 2000s led to a massive accumulation of debt, with balance sheets ballooning to ten times the size of the country's economy. Banks borrowed heavily using their AAA credit rating, but when they ran out of short-term funding, their intricate web of cross-lending proved unsustainable. The collapse in October 2008 was a culmination of these risky financial practices.In this clip
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Odd Lots
23: Iceland Jailed Its Bad Bankers But People Are Still Angry
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