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By G. Johnsen

The mixed cave in of Iceland's 3 biggest banks in 2008 is the 3rd greatest financial ruin in heritage and the biggest banking approach cave in suffered via any state in smooth monetary historical past, relative to GDP. How may tiny Iceland construct a banking approach in below a decade that proportionally surpassed Switzerland's? Why did the bankers choose to develop the process so quick? How did companies tunnel cash out of the banking approach? And why did not anyone cease them? Bringing Down the Banking process solutions those questions. Gudrun Johnsen, Senior Researcher with Iceland's distinctive research fee, tells the riveting tale of the increase and fall of the Icelandic banking procedure, describes the Commission's findings on the harmful results of keeping corporation cross-ownership, and explains what we can examine from it all.<

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M. , Minister of Commerce Sigurdsson and his advisor meet with Glitnir’s Chairman Baldvinsson and one of the major shareholders. The Minister and his advisor are told that the Central Bank’s decision is very serious, not just for Glitnir, but also for the other banks, and are asked whether the share percentage being purchased can be lowered. 48 Around the same time, one of the deputy governors of the Central Bank receives a call that Glitnir’s Board will make a decision very soon. Moments later, Minister of Commerce Sigurdsson and his advisor arrive at Prime Minister Haarde’s home to discuss whether the share percentage can be reduced.

22 That afternoon, the Minister of Commerce, Bjorgvin Sigurdsson, on a trip outside Reykjavik with some of his staff, has still not been notified of Glitnir’s problems. , when the media reports a meeting in the prime ministry with the Board of Governors attending, the advisor to the Minister of Commerce, Jon Thor Sturluson, calls the prime minister’s economic advisor, Tryggvi Thor Herbertsson, asking if anything is going on. Herbertsson replies: “No, no, nothing happening. 23 That Saturday evening, Sturla Palsson, the Central Bank’s director of Market Operations, and Jon Sigurgeirsson, the economist from the Central Bank Governor’s office, prepare the first draft of a memo outlining the possible options in response to Glitnir’s problems.

While most people were anxious, they were also relieved that Prime Minister Haarde was going to address the nation. Many Icelanders expected a broadcast that would calm the situation and even bring people ease. Very few were in a position to extrapolate the elusive effects of contagion and consider how much worse things could get. With my mother living near the university, my husband and I decided to meet at her place to watch the broadcast. m. Within a couple of minutes, Prime Minister Haarde COLL APSE 15 appeared, sitting at a desk in the National Broadcasting Service studio with a dark blue background fading into black behind him and the Icelandic coat of arms up to the left.

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