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How bad could the crisis get? Lessons from Iceland

naked capitalism found this 11/12/2008 on VoxEU.org

Jon Danielsson , 12 November 2008 Iceland’s banking system is ruined. GDP is down 65% in euro terms. Many companies face bankruptcy; others think of moving abroad. A third of the population is considering emigration. The British and Dutch governments demand compensation, amounting to over 100% ...