The Poor Prole’s Almanac

Iceland’s Pots & Pans Revolution; Pragmatic, Everyday Revolutionaries part 1

Jun 25, 2023
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ANECDOTE

Iceland's Financial Crisis Address

  • Iceland's Prime Minister, Geir Haarde, addressed the nation during the 2008 financial crisis.
  • His message contradicted previous assurances, causing panic and distrust.
INSIGHT

Icelandic Banks' Oversized Assets

  • Icelandic banks' combined assets were eight times larger than the country's GDP.
  • This enormous financial scale made a government bailout impossible.
INSIGHT

Iceland's Banking Collapse

  • Iceland's government couldn't bail out its banks due to their massive size relative to the national economy.
  • This led to the rapid collapse of Iceland's banking system, a significant event in history.
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