The Icelandic banking crash was just that, an Icelandic banking crash. Of course lots of councils in the UK had invested in Iceland and lost a lot of money seeking returns that were unsustainably high.Vino wrote: 29 Jun 2023 09:27 Aos is not totally wrong.
Sorry for the copy and paste.
The Icelandic financial crisis was a major economic and political event in Iceland. All three of the country's major privately owned commercial banks defaulted in late 2008, making it, relative to the size of Iceland economy, the largest systemic banking collapse in economic history.
Hundreds of thousands of British and Dutch savers lured by high interest rates lost deposits worth billions of euros
The 2008 crisis was born in the USA not in Iceland, to say otherwise shows a complete lack of understanding of what actually happened.
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