Finanzas Islandia

Iceland Crisis
Have you ever imagined that a country like Iceland with a minimum population would be the example of many European countries to end the crisis? Iceland nowadays like many othercountries suffered several damages in the financial area and has called the attention because of the way they handled the consequences, taking steps up against the IMF and as a result has entered into agrowth area without affecting the rights of its population.
All started in 2007 with three small banks operating in the country Landsbanki, Kaupthing and Glitnir they were owned mainly by Germany, UKand Netherlands. These three banks represented 85 per cent of Iceland’s banking sector.  Following the Icelandic banking system liberalization of 2003, these banks had grown rapidly, both domesticallyand internationally (through acquisitions). Capital inflows fed strong domestic demand, and easy access to borrowing led to bubbles in Iceland’s property and equity markets.
With the time passingthrough they were in a very disadvantaged position, privatization started growing also as banking speculation. With the Abuse of housing investment and with the housing boom, the lending started to beunlimited. The straw that spilled the glass was the bankruptcy of Lehman Brothers and the lack of liquidity prevents them from moving forward.
In 2008 the government nationalized the three largest banksand the debts began to grow rapidly. A year after the collapse generated caused so much controversy in parliament which agrees to repay the debt to bank creditors. Each family should pay threethousand fifty hundred kronur during fifteen years with an interest rate of the five point five per cent. The social protests began to carry problems and there was convened a referendum in which was decidedto low the interest rate to three per cent and increase the period of time to thirty seven years.
Finally Iceland came to ask for help to the internationally monetary fund which took some...