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Context of 'October 15, 2008: Iceland Cuts Interest Rates from Record High'

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The Central Bank of Iceland cuts the country’s interest rate by 3.5 percent to 12 percent. Interest rates had previously been at a record high of 15.5 percent. [BBC, 2/2/2009]

Entity Tags: Central Bank of Iceland

Timeline Tags: Global Economic Crises

The Central Bank of Iceland raises its key interest rate to 18 percent from 12 percent due to problems in the country’s banking system. [BBC, 2/2/2009]

Entity Tags: Central Bank of Iceland

Timeline Tags: Global Economic Crises

Following the resignation of the previous cabinet (see January 26, 2009), a new government is formed in Iceland by the Left-Green Movement and the Social Democratic Alliance. The new government will be in office for only a few months, until fresh elections in the spring. New Prime Minister Johanna Sigurdardottir sets out her government’s plan to deal with the financial crisis. She says her priority will be to replace the central bank’s board, which failed to prevent the collapse of the country’s banking system. She also says she will ask a parliamentary committee to look into joining the EU. [BBC, 2/2/2009]

Entity Tags: Social Democratic Alliance, Left-Green Movement, Johanna Sigurdardottir

Timeline Tags: Global Economic Crises

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