YouTube
Iceland — the whole country — has about as many people as Lexington, Kentucky. It also has its own currency, the Krona.
So during the boom, Iceland's banks got rich by going abroad — by borrowing and lending in euros to customers around Europe.
When the crisis hit, that led to a big problem: Iceland ran out of foreign money.
Download the podcast, or subscribe. Music: Apparat Organ Quartet's "Cargo Frakt" and "Global Capital." Find us: Twitter/ Facebook.
Comments
Discussions for this story are now closed. Please see the Community FAQ for more information.