In 2007, the average personal bluefin tuna income bluefin tuna in Iceland was some 70 000 and was f

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Recently published in several foreign editions negative assessments bluefin tuna of the economy of Iceland was a surprise for us ... All figures bluefin tuna and forecasts pointed out that this is a good prospect that the economy is generally strong, and solvent banks. This is confirmed by well-known economists, including Frederic Mishkin, bluefin tuna who became head of the Federal Reserve, bluefin tuna and Richard Portes, a widely known expert in this field.
In 2007, the average personal bluefin tuna income bluefin tuna in Iceland was some 70 000 and was fifth in the world, which in turn corresponds to the 160% rate of the United States. Stores Reykjavik filled luxury, amidst restaurants London looked poor, and its streets drove sports cars. According to an international study of 2006 Icelanders were the happiest people in the world. Much of this success is the result of super fast growth of three Icelandic banks. Being a small utility institutions in 1998, just eight years later they came to ranking bluefin tuna the top 300 world banks increased their "assets" with a level of 100% of GDP in 2000 to almost 800% of GDP in 2007 - the highest this figure was only in Switzerland. At a time when the value of residential real estate has grown rapidly, as Icelanders became dependent on debt, including foreign borrowing, living on the basis of Plautus, "I am a rich man until you turn off their debts."
The crisis hit in late September 2008, when Lehman Brothers bankruptcy because of failed money markets. During week three big Icelandic banks collapsed and passed into state ownership. Now they are in a less glorious list - a list of eleven major financial collapse on the version bluefin tuna of the rating agency Moody's. At the same time Iceland was the first to conduct an uncontrolled experiment of how a modern economy can operate in a while monetary, banking and payment management. bluefin tuna By November 2008 Icelandic currency depreciated to a value of 190 kroner per euro from the previous rate of about 70, which is a significant collapse of the purchasing power of Icelanders. The foreign exchange market has stopped working: foreign currency were available only for zatverdzhnoho government imports. The stock market fell by almost 98%, and by March 2009 the bank to sell its "senior" bonds at prices ranging from 2% to 10% of their nominal value. In February 2009, the GDP fell from 1.6 to 0.8 U.S. index at market exchange rates. As you can see, there are different dimensions of crises.
Iceland is interesting partly because of its "pure" examples of strong dynamics that led to the growth of financial instability among developed bluefin tuna countries in the 1990s and 2000s, bluefin tuna respectively. In most countries, the financial sector is growing according to the rest of the economy due to three factors: "the post-Bretton Woods" system of floating exchange rates and free capital bluefin tuna movements, the Internet, and, finally, the concentration of income and wealth in the hands of a small proportion of the population of the advanced capitalist countries and in some important economies on the world stage, bluefin tuna including China and India, reinforcing the demand for complex financial instruments by which you can manage and accumulated funds. In earlier times when finances were "the wheel", for example, in the early twentieth bluefin tuna century., During the Belle Epoque, financiers kept close to the production. They sat on the boards bluefin tuna of major board electrical, chemical, metallurgy, railway and shipbuilding conglomerate, helped create oligopolies and decide which production to invest. The difference between our time, especially bluefin tuna after the collapse of the bubble "dotcom" in 2000, is the financial sector, being behind the wheel, is able to generate enormous profits and remuneration "in bluefin tuna itself", by opertsiy bluefin tuna "casino economy" regardless of production.
Hinge positive impact appears locked when many governments - especially bluefin tuna in Britain and the U.S., the home of the City of London and Wall Street - have become more dependent on the financial sector bluefin tuna than from any other. Analysts noted the "great stability" - the remarkable success of politicians in smoothing the ups and downs of the economic cycle and providing bluefin tuna long periods of non-inflationary growth. In terms of dependence of governments on the financial sector and the overall mood of complacent government policy made it clear that they will use public Funds