Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island

Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island

by Roger Boyes
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Overview

Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island by Roger Boyes

The economic crisis that emerged in America in 2008 unleashed a veritable epidemic of ill health around the world. However it was Iceland, whose population of three hundred thousand had the world's highest GDP per capita and counted itself the happiest of countries, that caught the worst cold. It has nearly killed them.
No story from the economic crisis of 2008 is more evocative than I celand's. The names may be unfamiliar-Johanesson, Bjoergolfsson, Oddsson-but their exuberance, greed, and miscalculation have many counterparts on our shores. And however traumatic the collapse of individual companies may be in the United States, in Iceland's case an entire country melted down. All the wealth accumulated in the previous decade-during which a new breed of Icelanders had dared to believe they could compete economically on an international level, during which Reykjavik became the Capital of Cool-disappeared practically overnight. Iceland's story shows how closely the world economy is interconnected: The default on subprime mortgages in the U .S. led to the collapse of Lehman Brothers, which led directly to the run on Iceland's banks, which forced local authorities in Britain to switch off the heating in their classrooms.
With panache and color, Roger Boyes tells the inside story of the bankrupting of I celand: how it happened, the human dramas-from politicians to financiers to fishermen-that continue to swirl around it, and the lessons we can not ignore. Published on the first anniversary of its collapse, Meltdown Iceland is a cautionary tale for our times, an authoritative and compelling account of the financial destruction of a tiny country whose saga should resonate for us all.

Product Details

ISBN-13: 9781608191987
Publisher: Bloomsbury USA
Publication date: 10/06/2009
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 256
Sales rank: 463,605
File size: 788 KB

About the Author

Roger Boyes is an awardwinning correspondent, having covered Western and Eastern Europe for the past thirty years for the Financial Times and the Times of London. He has been reporting from Iceland since he was sent on his first foreign assignment to cover the Cod War in 1976. He lives in Berlin.
Roger Boyes is an awardwinning correspondent, having covered Western and Eastern Europe for the past thirty years for the Financial Times and the Times of London. He has been reporting from Iceland since he was sent on his first foreign assignment to cover the Cod War in 1976. He lives in Berlin.

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Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island 5 out of 5 based on 0 ratings. 3 reviews.
Anonymous More than 1 year ago
RolfDobelli More than 1 year ago
Most people aren't very familiar with Iceland, an isolated, homogenous, near-Arctic island. Now, thanks to Roger Boyes's wonderfully told tale of its financial collapse, readers can learn what happened to the economy, politics and culture of this unusual, mostly-frozen nation. Iceland was the unlikely first victim of the 2008 global financial collapse - the actual canary in the coal mine. Its financial excesses, cronyism and poor governance serve as a microcosm of the problems facing the largest capitalist nations. Boyes's financial case study flows like a novel. He is unafraid to draw biting conclusions from his detailed presentation: here, villains are villains, greed is greed, names are named. This fast-moving story puts the global fiscal meltdown into perspective. getAbstract rates this as important reading for anyone who seeks insight into the 2008-2009 international economic crisis, which began in this lone, cold outpost and then burst into global flames. To learn more about this book, check out the following link: http://www.getabstract.com/summary/12630/meltdown-iceland.html
Anonymous More than 1 year ago