2008–2011 Icelandic financial crisis
The Icelandic financial crisis was a major economic and political event in Iceland between 2008 and 2010. It involved the default of all three of the country's major privately owned commercial banks in late 2008, following problems in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom. Relative to the size of its economy, Iceland's systemic banking collapse was the largest of any country in economic history. The crisis led to a severe economic slump in 2008–2010 and significant political unrest.
Prime Minister of Iceland Geir H. Haarde speaks with reporters on 27 October 2008.
The value of the OMX Iceland 15 from January 1998 to October 2008
Some of the 6000 protesters in front of the Alþingishús, seat of the Icelandic parliament, on 15 November 2008.
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy.
Black Friday, 9 May 1873, Vienna Stock Exchange. The Panic of 1873 and Long Depression followed.
Declining consumer spending
The Roman denarius was debased over time.
Philip II of Spain defaulted four times on Spain's debt.