How Iceland s Bankers Plunged Their Country Into Financial Chaos

Hook, Line and Sunk (2009): Have the lessons of Iceland s financial collapse been learnt? For similar stories, see: How Iceland Became A Symbol Of The 2008 Financial Crisis https://www.youtube.com/watch?v=5PVstvW-Lws The Small Norwegian Town Struggling to Cope After the Global Financial Crisis https://www.youtube.com/watch?v=IqtB4nvgpcs Does Iceland Have a Future in the Whaling Industry? https://www.youtube.com/watch?v=80pwBUb3ms8 Subscribe to journeyman for daily uploads: http://www.youtube.com/subscription_center?add_user=journeymanpictures For downloads and more information visit: https://www.journeyman.tv/film/4557 Like us on Facebook: https://www.facebook.com/journeymanpictures Follow us on Twitter: https://twitter.com/JourneymanVOD https://twitter.com/JourneymanNews Follow us on Instagram: https://instagram.com/journeymanpictures Dubbed the New Vikings , Iceland s bankers had taken the world by storm. But a year ago their banks collapsed overnight, leaving the country to face economic chaos. Like thousands of once-prosperous Icelanders, Gunnar is concerned about his future: ‘"I ’m going to lose my flat. I’ m going to get bankrupt. All because of the way things were handled here.’" Turning a blind eye, the government let banks grow ten times the size of the country ’s GDP. Very little profits were made from actual banking. "Banks only grew by spending other people’ s money, especially that of the British. ‘It ’s one of the greatest Ponzi schemes in history," says this independent MP. Now Britain wants it all back, leaving Icelanders with a huge debt. With the financial world keen to move on, economists warn of the business-as-usual mentality: ‘"If we don t make some quite serious structural changes we are just setting the conditions for a repeat crisis.’" ABC Australia – Ref. 4557 Journeyman Pictures is your independent source for the world s most powerful films, exploring the burning issues of today. We represent stories from the world s top producers, with brand new content coming in all the time. On our channel you ll find outstanding and controversial journalism covering any global subject you can imagine wanting to know about.