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2008–11 Icelandic financial crisis
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2008–11 Icelandic financial crisis
The
Icelandic financial crisis
was a major
economic
and political event in
Iceland
that involved the
default
of all three of the country's major privately owned
commercial banks
in late 2008, following their difficulties in
refinancing
their
short-term debt
and a
run on deposits
in the
Netherlands
and the
United Kingdom
. Relative to the size of its economy, Iceland's
systemic banking collapse
was the largest experienced by any country in economic history. The crisis led to a severe
economic depression
in 2008–2010 and
significant political unrest
.
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