About this episode
At 4pm on 6 October 2008, as the global financial crisis ravaged Iceland’s economy, its prime minister addressed the nation. "There is a danger, fellow citizens," he said, "that Iceland could be sucked into the whirlpool and the result could be national bankruptcy. It was decided this morning to suspend trading with the banks. God Bless Iceland.”
The message was clear. Iceland was about to do what no other country had done - let its banking sector fail. And that was only the start. Over the coming years, Iceland would go on to do much more - clean up its banks and prosecute many senior bankers. And the story is still unfolding. Just two months ago, five more bank executives were jailed. So how exactly has Iceland done it? What happened next to Iceland’s economy? And why aren’t other nations following Iceland’s example?
(Photo: Protest against the Icelandic government 29 November 2008 in Reykjavik. Credit AFP/Getty Images)
Get every episode summarized
Each time The Inquiry publishes, we email you a written briefing from the transcript — the topics, who appeared, and any specific claims, with the ad reads skipped.
Email me new episodesFree for 3 shows. No card needed.
No transcript yet
This episode has not been transcribed. Request it and it moves to the front of the queue.
More episodes
More from The Inquiry
Can Africa take control of its digital future?
The Inquiry
Should rivers have personhood?
The Inquiry
How has the Cockroach Janta Party changed India’s politics?
The Inquiry
Can elections restore Moroccans’ faith in their country?
The Inquiry