Business, 15.10.2019 01:50 gabegabemm1

What happened to iceland’s economy (banks, businesses, regulation, people)?

Answers: 1

Show answers

Answers

The Icelandic economy collapsed around 2008. This happened because three major banks fell under debt from countries like Netherlands and United Kingdoms. Because of this, the country was subjected to political unrest and economic crisis.

Answer from: nayelimoormann

The gross domestic product of Iceland was $25.88 billion in 2018, and the growth rate was 4.6%. The country has recovered from the crisis that it suffered in 2008.

Financial crisis:

In 2008, Iceland nationalized its largest banks, namely, Glitnir Bank, Landsbanki, and Kaupthing Bank, which had defaulted on foreign debt of $62 billion. The collapse of the bank sent foreign investors out of the country. Its currency krona went down by 50 percent, and the stock market fell by 95 percent. The crisis started when the bank accepted deposits from the United Kingdom and the Netherlands and offered an interest rate of 15 percent. This created inflation in the economy. The banks invested in $100 billion in foreign companies, soccer teams, and real estate.

In the 2008 global financial crisis, the major bank shutdown in the United States and the stock market crashed this lead to the banks towards bankruptcy. The government could not bail out the banks because it did not have the money.

Government Collapse:

The country’s bankrupt caused the government to collapse in 2009. The cause of the failure was the resignation of Prime Minister Haarde.

Iceland Recovery:

In 2009, Johanna Siguroardottir was elected by the citizens of Iceland. She put a restriction on investment outside the country. She also raised taxes and provided social services, debt relief to mortgage holders.

As people started investing in local businesses like real estate and private equity, tourism boomed when local prices fell because of the low currency exchange rate.

Learn more:

1. Learn more about the objective of the budget

2. Learn more about the revenue and expenditure

3. Learn more about the large expenditures

Answer details:

Grade: Middle School

Subject: Business Studies

Chapter: Global Economy

Keywords: Iceland’s economy, banks, businesses, regulation, people, GDP, gross domestic product, Netherlands and offered an interest rate, Johanna Sigurðardóttir, Iceland nationalized its largest banks, namely, Glitnir Bank, Landsbanki, and Kaupthing Bank.

Answer from: Quest

Xd ik what you mean i was very behind last year in my classes. if u have trouble with math i suggest photomath.

Answer from: Quest

United states is your answer

Another question on Business

Business, 21.06.2019 15:50

Aceramics manufacturer sold cups last year for $7.50 each. variable costs of manufacturing were $2.25 per unit. the company needed to sell 20,000 cups to break even. net income was $5,040. this year, the company expects the price per cup to be $9.00; variable manufacturing costs to increase 33.3%; and fixed costs to increase 10%. how many cups (rounded) does the company need to sell this year to break even?

Answers: 2

Answer

Business, 22.06.2019 08:10

Bakery has bought 250 pounds of muffin dough. they want to make waffles or muffins in half-dozen packs out of it. half a dozen of muffins requires 1 lb of dough and a pack of waffles uses 3/4 lb of dough. it take bakers 6 minutes to make a half-dozen of waffles and 3 minutes to make a half-dozen of muffins. their profit will be $1.50 on each pack of waffles and $2.00 on each pack of muffins. how many of each should they make to maximize profit, if they have just 20 hours to do everything?

Answers: 3

Answer

Business, 22.06.2019 21:00

At present, the united states has an embargo against north korea because a. the two countries have extremely poor political relations. b. north korea will not adopt a capitalist government. c. north korean products are too difficult to use. d. north korea has an embargo on american products. e. products from north korea are in higher demand than american-made products.

Answers: 2

Answer

Business, 23.06.2019 03:10

He cheyenne hotel in big sky, montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. an occupancy-day represents a room rented out for one day. the hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. month occupancy- days electrical costs january 1,736 $ 4,127 february 1,904 $ 4,207 march 2,356 $ 5,083 april 960 $ 2,857 may 360 $ 1,871 june 744 $ 2,696 july 2,108 $ 4,670 august 2,406 $ 5,148 september 840 $ 2,691 october 124 $ 1,588 november 720 $ 2,454 december 1,364 $ 3,529 required: 1. using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. (do not round your intermediate calculations. round your variable cost answer to 2 decimal places and fixed cost element answer to nearest whole dollar amount) 2. what other factors other than occupancy-days are likely to affect the variation in electrical costs from month to month? (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) seasonal factors like winter or summer. systematic factors like guests, switching off fans and lights. number of days present in a month. fixed salary paid to hotel receptionist. income taxes paid on hotel income.