Icelandic outvasion
The Icelandic "outvasion" (Icelandic: útrás [ˈuːtraus]) was the period in the economic history of Iceland between 2000 and the onset of its financial crisis in October 2008. With the privatisation of the Icelandic banks being advantageous for investors, there was a large supply of cheap loan capital on the international market. A clause in the agreement with the European Economic Area stipulated the free flow of capital to and from Iceland.
The so-called outvasion entailed Icelandic financiers (sometimes styled
Terminology
The English term outvasion was coined by the
Investigations
In 2005 a group of Danish journalists found that
Furthermore, investigations have identified six British Virgin Islands-based shareholders behind Icelandic banks and companies such as
Documents available on Luxembourg authorities' website and discovered by Danish journalists show that Shapburg Limited and Quenon Investment Limited owned a stake in Luxembourg-based Alrosa Finance, a subsidiary of Russian state-owned diamond company
Outcomes
The Icelandic outvasion period ended in October 2008 with the downfall and
In September 2010, Geir Haarde, the former prime minister, became the first Icelandic minister to be indicted for misconduct in office.[9] He was convicted for not holding cabinet meetings when things turned critical, but has been found not guilty of negligence over the 2008 financial crisis.[10]
On December 12, 2013, Hreiðar Már Sigurðsson, former CEO of Kaupthing Bank, was sentenced to five and a half years in prison for his part in a
References
- ISBN 978-1-137-33199-1– via academia.edu.
- ISBN 978-1-78471-144-3– via Google Books.
- ISBN 978-1-138-02424-3– via Google Books.
- ^ a b c "Россия желает спасать Исландию из-за давних офшорных связей чиновников и бизнесменов". The New Times. 2008-10-21.
- ^ "Зачем Россия спасает Исландию". Rususa. 2008-10-21. Archived from the original on 2011-07-15.
- ^ Griffiths, Ian (2005-06-16). "Next-generation Viking invasion - They've got the cash to buy big UK groups like M&S. But where does it come from?". The Guardian. London.
- ^ "Íslenskt félaganet og faldir eigendur". TÍUND FRÉTTABLAÐ RSK MARS 2009. Archived from the original on 2009-04-22. Retrieved 2010-06-05.
- ^ Stothard, Michael (March 29, 2012). "Iceland: Recovery and reconciliation". Financial Times. Reykjavik. Retrieved November 20, 2019.
- ^ "Iceland's Former PM Taken to Court". Iceland Review. September 28, 2010. Retrieved November 20, 2019.
- ^ Cassidy, Nigel (April 23, 2012). "Iceland ex-PM Haarde 'partly' guilty over 2008 crisis". BBC News. Retrieved November 20, 2019.
- ^ a b c "Iceland jails former Kaupthing bank bosses". BBC News. December 12, 2013. Retrieved November 26, 2019.
- ^ Tumi Daðason, Kolbeinn (February 2, 2015). "Iceland jails former Kaupthing bank bosses". Vísir.is. Retrieved November 26, 2019.
- ^ Gordon, Ollie (December 14, 2014). "Never down and out: Thor Bjorgolfsson is the Rocky of the business world". City A.M. Retrieved November 26, 2019.
- ^ Arlidge, John (January 4, 2015). "Saga of the Viking who lost £3bn overnight". The Sunday Times. Retrieved November 26, 2019.
- ^ Cave, Andrew (December 18, 2014). "How Iceland's Thor Bjorgolfsson Lost $4B In Eight Months". Forbes. Retrieved November 26, 2019.
- ^ Burgess, Kate (March 29, 2015). "Monday interview: Thor Bjorgolfsson, investor". Financial Times. Retrieved November 26, 2019.