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# How Iceland went splat (article)

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CEO
Joined: 17 May 2007
Posts: 2986
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How Iceland went splat (article) [#permalink]

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30 Mar 2009, 05:23
Hi guys, apologies if this has been posted before. This is an interesting article about the bankruptcy of Iceland (the country), written by our favourite author - Michael Lewis.

http://www.vanityfair.com/politics/feat ... land200904

Its got some great lines, my favourites are :
"Iceland instantly became the only nation on earth that Americans could point to and say, “Well, at least we didn’t do that.” In the end, Icelanders amassed debts amounting to 850 percent of their G.D.P. (The debt-drowned United States has reached just 350 percent.)"

and

"One of the hidden causes of the current global financial crisis is that the people who saw it coming had more to gain from it by taking short positions than they did by trying to publicize the problem. Plus, most of the people who could credibly charge Iceland—or, for that matter, Lehman Brothers—with financial crimes could be dismissed as crass profiteers, talking their own book."
Manager
Joined: 08 Mar 2009
Posts: 193
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Re: How Iceland went splat (article) [#permalink]

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30 Mar 2009, 19:01
Iceland will be a case study in business school for years to come..
Re: How Iceland went splat (article)   [#permalink] 30 Mar 2009, 19:01
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