TEACHERS
GALLERY
PRICING
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ICELAND
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Published on Dec 05, 2015
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PRESENTATION OUTLINE
1.
ICELAND
FINANCIAL CRISIS
Photo by
benfff85
2.
CAUSES
Greatly decreased financial restrictions
Banks growing out of control
Banks accumulated a lot of debt with a lot of foreign investment
Small population = big jobs being handled by a small group
Global financial markets also in crisis
Photo by
deux yeux
3.
CRISIS
Banks carried too much debt and went under when the US banks did
The currency (krona) decreased in value
Tried to reach out to foreign branches, denied by foreign governments
Major banks were heading towards bankruptcy
Icelanders were upside down in their mortgages
Photo by
decar66
4.
Untitled Slide
5.
GLOBAL IMPACT
Countries like Britain and Netherlands left having to pay deposits
Iceland had to seek help from IMF
Lead to debt crisis in Europe
Considered joining EU
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loopcd
6.
Untitled Slide
7.
THE ROAD TO RECOVERY
Let the banks collapse
Place controls on money
Avoid paying foreign debt
Devalue currency
Go back to traditional sources of wealth
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Stuck in Customs
8.
Untitled Slide
9.
THE BACKLASH
Icelanders betrayed by banks
Becoming isolationists
Returning to their roots culturally and economically
Lack needed foreign investment
No longer seeking admittance to the EU
Photo by
wili_hybrid
10.
BEST SOLUTION
refocusing on their strengths
Relying on fishing, tourism, and geothermal energy
Recovering cultural identity and focusing on families
This has to be mixed with international cooperation
Isolationism will create new weaknesses
Photo by
Dru!
Luisa Velasco
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