Iceland Left Out in the Cold?International Political Theory
Professor Hannes H. GissurarsonNOPSA-37, Gothenburg
14 August 2014, 8.45–9.45
US v. Cuba, Prussia v. Denmark
Division of Central Europe
Iceland: 325,000 Without a Military
Top Credit Ratings Created Bubble
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
A2A1
Aa3
AaaAa1
A1
Baa3
Baa1
External Debt: 2004 Crucial Year
1992 1996 2000 2004 20080
2000000
4000000
6000000
8000000
10000000
12000000
14000000
16000000
External debt in millions of kronur
2004–8: Baugur Bubble
1/1/05 1/1/06 1/1/07 1/1/080
1000
2000
3000
4000
5000
6000
Loans to Baugur and re-lated companiesLoans to Exista and re-lated companiesLoans to Landsbanki main owners and related com-panies
No more “Oversized” than others
Belgium
Switzerland
Iceland
United Kingdom
0 50 100 150 200 250 300
Ratio of short-term liabili-ties to GDP
Size of Banking Sector, 1992–2007
19921993
19941995
19961997
19981999
20002001
20022003
20042005
20062007
20080
1
2
3
4
5
6
7
8
9
10
SwitzerlandIceland
Why Does Glass Break?
Crucial Announcements and Decisions
Loss of Social Capital
Haakon VII’s gate 10 in Oslo
The Scottish Angle
Friends in Need, Friends Indeed
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