Iceland economic crisis - part II

Icesave was an online savings account brand owned and operated by the Landsbanki bank from 2006–2008 that offered savings accounts in two countries, United Kingdom and the Netherlands. They managed to attract over 300,000 customers in the United Kingdom, with deposits of more than €5 billion and 125,000 customers who deposited €1.7 billion in the Netherlands. When the banks collapsed in 2008, depositors were unable to access their money creating an international diplomatic incident. Iceland managed to survive the financial crisis by taking over the domestic units of its banks and leaving the foreign creditors with losses of the bad investment decisions. An slump in the krona against the euro offshore pushed the trade deficit into surplus within months. The transformation of economy came at a high cost, the banking system defaulted, but slow recovery signs are present. Read more about the economy of Iceland here. You can also watch a short documentary on the economic crisis and the events that followed.

Iceland economic crisis

The biggest banks in Iceland were considered a wonder few years ago because of their incredible growth rates. In 2008 they owed six times the country's total GDP. The global financial crisis disrupted the plans of further expansion and the banks found themselves unable to refinance the huge loans. It reflected on the Iceland economy greatly, making a national default a reality. The government took over the same heavily indebted banks, causing Icelandic interest rates to spike at 15.5% while national currency krona started losing value at a high rate. Protests in Iceland's capital Reykjavik, clashes with police, calls for the resignation of government officials became everyday occurance. New elections were eventually held and newly elect Prime Minister Johanna Sigurdardottir set out a government's plan to rescue Iceland from the financial ruin. Read more on the Iceland economic crisis here. You can also watch a short documentary on the economic crisis and the events that followed.

Iceland economic crisis documentary

Iceland has been ranked high among the best places in the world to live for several years in a row, according to the UN Human Development Index. In 2008 the national economy was devastated with a crisis that arose from the global financial crisis. National banks transformed into huge financial subjects, controlling amounts of money far greater than the country’s own wealth. Iceland faced riots, the resignation of the government and elections as a result. Learn more in this interesting short documentary.

Hungary sludge documentary

The environmental catastrophe in Hungary resulted in the several deaths as the toxic sludge made its way to the Danube River. Government response to neutralize the highly alkaline red sludge was successful, but the threat remains since sludge is contaminated with heavy metals, such as lead, arsenic and mercury. Watch this informational documentary on the effects of the disaster.

Black Death documentary

The documentary is centered around the time of the first outbreak of bubonic plague in Europe. It shows the migration of the Black Death with trading ships from Asia to Mediterranean, as well as the incident at the city of Crimea. It also describes the living conditions at the time and the effect on common people.

Greek financial crisis

The Greek economy grew strongly over the last 15 years, until it entered into recession in 2009. The budget deficit hit 15.4 percent of GDP, while later revisions of the government actions revealed the national economy was in far worse shape than it was previously admitted. Because all the major European economies are linked through the euro zone, Greek problems are also problem of the European Union. A debt crisis in Europe's single currency zone has entered a critical phase with fears Greece could default and spark a global financial catastrophe through chain reaction. Austerity plans caused big street protests in Athens. Frequent violent protests mostly revolve on issues concerning widespread early retirement, tax rises and cuts in benefits and wages. Read more on the Greek financial crisis here...

The Black Death

The Black Death or bubonic plague was one of the deadliest epidemics in human history. Coming out of China, it spread quickly and with devastating effects. The plague manifested in Europe between 1348 and 1350 and approximately 50 percent of the entire population died because of the pestilence. The Black Death is considered to have been an outbreak of plague caused by the bacterium Yersinia pestis, which has been supported by recent forensic research. The plague manifested in three interrelated forms. The bubonic variant derives its name from the swellings or buboes that appeared on a victim's neck, armpits or groin. These tumors ranged in size from that of an egg to that of an apple. Carried by rat fleas living on the black rats that were regular passengers on merchant ships, it easily reached the Mediterranean. By the end of 1346 reports of plague had reached the seaports of Europe. Read more about the spreading and aftermath of the Black Death here. You can also watch a short documentary on Youtube.