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Iceland’s Pots & Pans Revolution; Pragmatic, Everyday Revolutionaries part 2

The Poor Prole’s Almanac

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The National Debt and the Icelandic Bankruptcy

Icelandic authorities did nothing to restrain or warn banks in any significant way. Banks just kept growing and growing and growing until their total assets amounted to 865% of Iceland's gross domestic product. In size, banks had grown ninefold in five years. A major share of the total lending by all the banks was to their largest owners and related parties.

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