this post was submitted on 04 Aug 2024
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I remember reading about them having an insane bank collapse in 2008, much worse than any other developed country. Their banking sector was like 10x the GDP. Iceland recovered relatively well compared to Greece and others, the losses were so huge they just let the banks collapse instead of bailing them out.
Article
And this
That is a very famous chapter of recent Icelandic history. I remember hearing about some sort of documentary film about that when I was a kid.