Summary of Meltdown Iceland

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Rating

9 Overall

9 Importance

8 Innovation

9 Style


Recommendation

Most people aren’t very familiar with Iceland, an isolated, homogenous, near-Arctic island. Now, thanks to Roger Boyes’s wonderfully told tale of its financial collapse, readers can learn what happened to the economy, politics and culture of this unusual, mostly-frozen nation. Iceland was the unlikely first victim of the 2008 global financial collapse – the actual canary in the coal mine. Its financial excesses, cronyism and poor governance serve as a microcosm of the problems facing the largest capitalist nations. Boyes’s financial case study flows like a novel. He is unafraid to draw biting conclusions from his detailed presentation: here, villains are villains, greed is greed, names are named. This fast-moving story puts the global fiscal meltdown into perspective. getAbstract rates this as important reading for anyone who seeks insight into the 2008-2009 international economic crisis, which began in this lone, cold outpost and then burst into global flames.

In this summary, you will learn

  • Why the world financial crisis of 2008 hit Iceland first,
  • How Prime Minister David Oddsson shaped Iceland’s economic development and
  • How the crisis affected Iceland’s people and culture.
 

About the Author

Roger Boyes is an award-winning correspondent. He has written about Western and Eastern Europe for the past 30 years for the Financial Times and the Times of London. He has been reporting from Iceland since 1976, when he went there to cover on the Cold War.

 

Summary

It Started in Iceland
The economic recession that engulfed the world in 2008 began in subpolar Iceland. The nation lacked the resources to fight back, given that its entire population is only 300,000, barely a mid-sized town’s worth of people in many countries. Its financial and political...

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