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Context of 'September 29, 2008: Icelandic Government Takes Large Stake in Local Bank'

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The government of Iceland takes a 75 percent stake in the country’s third-largest bank, Glitnir, after the bank runs into short-term funding problems. [BBC, 2/2/2009]

Entity Tags: Glitnir

Timeline Tags: Global Economic Crises

The government of Iceland takes control of the country’s second and third largest banks, Landsbanki and Glitnir; it already had a majority in Glitnir (see September 29, 2008). The financial crisis hit Icelandic banks so severely because they owe relatively more money than banks in other countries. When the crisis starts in earnest, they owe around six times the country’s total gross domestic product. Therefore, when the world’s credit markets dry up, they are unable to refinance their loans. [BBC, 2/2/2009]

Entity Tags: Landsbanki, Glitnir

Timeline Tags: Global Economic Crises

Following the seizure of two Icelandic banks by that country’s government (see October 7, 2008), the British government invokes anti-terrorism legislation to seize Icelandic assets in Britain. Iceland’s Prime Minister Geir Haarde criticizes Britain, saying he is upset and shocked that it has used “hostile” anti-terrorism legislation to freeze Icelandic banks’ assets. However, British Prime Minister Gordon Brown condemns Iceland’s handling of the collapse of its banks and its failure to guarantee British savers’ deposits. He says Iceland’s policies are “effectively illegal” and “completely unacceptable.” Iceland will later threaten legal action against Britain. [BBC, 2/2/2009]

Entity Tags: Gordon Brown, Geir Haarde

Timeline Tags: Global Economic Crises

Iceland’s government takes control of the country’s biggest bank, Kaupthing. This follows a decision by the British government to invoke anti-terrorism legislation to freeze Icelandic assets in Britain (see October 8, 2008). [BBC, 2/2/2009]

Entity Tags: Kaupthing Bank

Timeline Tags: Global Economic Crises

October 20, 2008: New Banks Formed in Iceland

Iceland’s financial authorities formally announce the establishment of new Glitnir, Landsbanki, and Kaupthing banks. The old banks were taken over by the government two weeks previously as their condition had deteriorated due to the global credit crisis (see October 7, 2008 and October 8, 2008). [BBC, 2/2/2009]

Entity Tags: Glitnir, Landsbanki, Kaupthing Bank

Timeline Tags: Global Economic Crises

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