Iceland Economic Crisis

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by monprc
Last updated 6 years ago

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Iceland Economic Crisis

President Ólafur Ragnar Grímsson refuses to sign the Icesave bill (blaming Iceland for the Icesave accounts failure) passing it to referendum. Voters refuse to approve it for two times.

Iceland's Currency: Krona

Iceland's flag

The Icelandic country's third-largest bank, Glitnir, faces short-term funding problems.

Iceland's government takes control of the country's three biggest banks, Kaupthing Landsbanki and Glitnir.



UK invokes anti-terrorism legislation to freeze Icelandic banks' assets in the UK. The amount of UK taxpayers' money in failed Icelandic banks edges close to £1bn.

The International Monetary Fund approves a $2.1bn loan for Iceland. Iceland becomes the first Western European nation to get an IMF loan since the UK in 1976.


Parliament forms a Special Investigative Commission to “investigate and analyse the processes leading to the collapse of the three main banks in Iceland.”


Prime Minister Haarde calls a general election for 9 May, two years early.

UK Prime Minister Gordon Brown condemns Iceland’s failure to guarantee British investors’ deposits with Icesave accounts (accounts with high interests).

European Free Trade Association Court clears Iceland of charges of not honouring deposit-guarantee schemes in the Icesave accounts.

ICELANDCapital:ReykjavíkPopulation325,671 people





President Olafur Grimsson


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