Word: icelander
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Dates: during 2000-2009
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...Europe was looking askance not just at the U.S., but also at tiny Iceland, whose government on Monday completed what amounts to an emergency seizure of its oversized banking sector. Prime Minister Geir Haarde went on television Monday night to warn his compatriots that "the Icelandic economy, in the worst case, could be sucked with the banks into the whirlpool, and the result could be bankruptcy." That's not just talk: Iceland's GDP amounts to less than one-tenth of the total assets of its three biggest banks, all of which are in trouble. British financial authorities warned...
...borders. Certainly Germany's unilateral action didn't help European markets resist a strong downward trend from Asia, and indexes plunged on Monday, with the FTSE 100 in London, the CAC 40 in Paris and the DAX in Frankfurt each falling around 6% as morning trading opened. By midmorning, Iceland had suspended trading altogether in financial shares...
...Sept. 29 alone, governments from Germany to Iceland rushed to prop up five ailing financial institutions with huge cash infusions or full-blown nationalization, making it one of the grimmest days in the history of European finance. Among the high-profile casualties were Fortis, Belgium's largest bank; the venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your...
...best in its darkest and coldest moments, when its back alleys, mom-and-pop fishmongers and bite-size pubs tap into the charisma of one of Europe's most storied neighborhoods. Indeed, 101 has been the muse for a generation of artists that love to hate Iceland's six-month winters - among them director Baltasar Kormákur, whose film 101 Reykjavík was based on Hallgrímur Helgason's 1996 novel of the same name...
...seeking to capture Australia's underground heat, it aims to be the first to prove that deep-earth geothermal power is commercially viable. Geothermal is already a bit player in the power business: underground water heated by volcanoes is already used for heating and electricity generation in countries like Iceland and New Zealand. But supplies of natural hot water are limited. The new push is to mimic nature by creating artificial water-heating systems using hot subterranean granites. The resource is potentially endless: while each patch of rock will cool as its energy is drawn off, it will heat...