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Iceland Banking Collapse: Diary of a Death Spiral

Gordon Brown

Shortly after dinner on 5 October 2008, UK Prime Minister Gordon Brown spoke to Iceland's prime minister, Geir Haarde, in a frantic phone call. The world was in the grip of the most serious banking crises in living memory. Within 48 hours Iceland would experience a system-wide banking meltdown and British taxpayers would commit £500bn of bailout funds to help UK banks avoid a similar fate.

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