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Located : latitude 65 degrees, longitude 18Belonging within the NordicLand area : 103,001 square kilometersCapital : ReykjavkPopulation : 321,857 peopleReligion : ProtestantismNational accounts : 63830USDCurrency : Icelandic Krona High islandRich in geothermal resources, Hot Spring widespread.
VolcanoHot SpringGeothermal ResourcesAurora
ICELANDS ECONOMY The mainly dependent on marine fisheries. Fishing accounted for 60% of export earnings in Iceland, employs 8% of workers.
Financial TsunamiCause : The bursting of the U.S. housing bubble, which peaked in 2006,caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.
High-risk mortgage loans and lending/borrowing practicesBoom and bust in the housing market Mortgage fraud and predatory lending Inaccurate credit ratings
Growth in mortgage loan fraud based upon US Department of the Treasury Suspicious Activity Report Analysis.U.S. Subprime lending expanded dramatically (20042006)
Bankruptcy( The Process )
Why Bankruptcy??The three main factors contribute to bankruptcy.
High level of government borrowing.Large number of foreign investment.Overheated consumer spending.
The three main factors make Iceland in illusion of prosperity in past , but now these three factors are the main culprit of the crisis in Iceland.
Some of the 6000 protesters in front of the Alingishs , seat of the Icelandic parliament , on 15 November 2008.
~Conclusion~ Originally the world that "the world's happiest country" Iceland, even in the overnight fall into hell among countries facing bankruptcy. Go into the reason for the bankruptcy of Iceland, which may be able to discover the culprit, and as Taiwan to follow.
Iceland has now taken over the country's three largest banks, the Prime Minister also admitted that the country is not suitable for small open economies excessive, perhaps this is central to the current pursuit of Taiwan's Asia-Pacific financing a good warning. Look at Iceland, ask yourself, from Iceland who perhaps we can learn something.
Do you have any questions??
Thank you for your listening~~