Iceland Finacial Crisis
Cover page:
American College Dublin
Unit name: Contemporary Global Challenges IB408
Teacher’s name: Enda Murphy
Group members: Anas Kadad (2063700)
Assignment question:
The causes and impacts of the crisis in Iceland, and the response of that country.
Table of Contents: Cover page: 1 Introduction: (Background about the Country): 3 Iceland Economy: 3 What causes the financial crisis in Iceland: 4 Conclusion over the Icelandic financial crisis: 4 Impacts of the financial crisis in Iceland: 5 Responses to the Financial Crisis in Iceland: 6 The Current Situation in Iceland: 7 Future Developments in Iceland: 8 Conclusion: 9 References: 10
Introduction: (Background about the Country):
Iceland is a northern European country between Greenland Sea and the North Atlantic Ocean, to the North West of the UK. Iceland applied to join the European Union in July 2009 and negotiations still continues to assess the application, despite of Iceland being part of the European Free trade association and its big involvement in the European Market it’s still not a formal member of the EU. The geographic space of Iceland is 100.250 squared kilo meters and a population of 319.000 according to the 2011 statistics of World Bank.
Iceland Economy:
Iceland’s economy is a Scandinavian- type economy known as capitalistic with low unemployment rates and comprehensive welfare system. With the none existence of natural resources such as oil and natural gas, Iceland income mainly depends on exporting fish and fish products that fulfils 70% of export earning while the remaining 30% goes for hydrothermal and geothermal power.
What causes the financial crisis in Iceland:
According to the World Bank the present gross domestic product of Iceland is 16.4 billion US dollars at current prices of the dollar however like many other European countries, Iceland suffered from a deep financial crisis between the year of 2008 and 2011 that caused a major political and
American College Dublin
Unit name: Contemporary Global Challenges IB408
Teacher’s name: Enda Murphy
Group members: Anas Kadad (2063700)
Assignment question:
The causes and impacts of the crisis in Iceland, and the response of that country.
Table of Contents: Cover page: 1 Introduction: (Background about the Country): 3 Iceland Economy: 3 What causes the financial crisis in Iceland: 4 Conclusion over the Icelandic financial crisis: 4 Impacts of the financial crisis in Iceland: 5 Responses to the Financial Crisis in Iceland: 6 The Current Situation in Iceland: 7 Future Developments in Iceland: 8 Conclusion: 9 References: 10
Introduction: (Background about the Country):
Iceland is a northern European country between Greenland Sea and the North Atlantic Ocean, to the North West of the UK. Iceland applied to join the European Union in July 2009 and negotiations still continues to assess the application, despite of Iceland being part of the European Free trade association and its big involvement in the European Market it’s still not a formal member of the EU. The geographic space of Iceland is 100.250 squared kilo meters and a population of 319.000 according to the 2011 statistics of World Bank.
Iceland Economy:
Iceland’s economy is a Scandinavian- type economy known as capitalistic with low unemployment rates and comprehensive welfare system. With the none existence of natural resources such as oil and natural gas, Iceland income mainly depends on exporting fish and fish products that fulfils 70% of export earning while the remaining 30% goes for hydrothermal and geothermal power.
What causes the financial crisis in Iceland:
According to the World Bank the present gross domestic product of Iceland is 16.4 billion US dollars at current prices of the dollar however like many other European countries, Iceland suffered from a deep financial crisis between the year of 2008 and 2011 that caused a major political and
References: (2010). 5 Major Causes Of The Icelandic Financial Crisis, retrieved on the 18th of March 2013 from: http://www.articlesbase.com/banking-articles/5-major-causes-of-the-icelandic-financial-crisis-2260265.html (2012).The lesson from Iceland’s recovery: let banks go bust, retrieved on the 18th of March 2013 from: http://www.moneyweek.com/news-and-charts/economics/europe/the-lesson-from-iceland-let-banks-go-bust-20800 Spruk, Rok (2010): Iceland 's Economic and Financial Crisis: Causes, Consequences and Implications. Published in: EEI Policy Paper , Vol. 1, No. 2010, Retrieved on the 20th of March 2013 frpm: http://mpra.ub.uni-muenchen.de/29972/ Picture 2: Iceland Flag, The national flag of Iceland was officially adopted on June 19, 1915 (2012). Guess Who’s Emerging from the Crisis, Retrieved on the 25th of March 2013 from: http://krugman.blogs.nytimes.com/2012/06/13/guess-whos-emerging-from-the-crisis/