The Picture--Small and Big: Iceland and the Crises

Baruchello, Giorgio
December 2014
Nordicum-Mediterraneum;2014, Vol. 9 Issue 3, p10
Academic Journal
A conference paper about the economic crisis in Iceland in 2008 is presented. It states that in October 2008, the gross domestic product (GDP) of Iceland declined; the stock market stopped functioning; interest rates and inflation were at 18 percent; and unemployment increased sharply from 1 percent to 9 percent. For economic recovery, Iceland pursued economic policies that included cuts in health spending and higher gas prices, higher interest rates, and cuts to education and culture.


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