Bankruptcy of Iceland

The first of the hedge-fund-cum-nation’s three main banks, Glitnir, collapsed on September 29, 2008. A week later, the value of the króna fell by nearly a third. Landsbanki and Kaupthing, the other two banking giants, collapsed later that week. Britain snarled when Landsbanki froze the massive Internet savings accounts of British citizens and turned to anti-terrorism laws to seize the Icelandic bank’s assets, incidentally reclassifying the island as a terrorist nation and pushing its economy into a faster tailspin.

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