Iceland's Financial Crisis (CRS Report for Congress)
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| Release Date |
Revised March 11, 2010 |
| Report Number |
RS22988 |
| Report Type |
Report |
| Authors |
James K. Jackson, Specialist in International Trade and Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
On November 19, 2008, Iceland and the International Monetary Fund (IMF) finalized an agreement on a $6 billion economic stabilization program supported by a $2.1 billion loan from the IMF. Iceland's banking system had collapsed as a culmination of a series of decisions the banks made that left them highly exposed to disruptions in financial markets. The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets.
