The Tuesday Podcast: The Island That Ran Out Of Money : Planet Money During the boom, Iceland's banks got rich by going abroad. When the crisis hit, that led to a big problem.
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The Tuesday Podcast: The Island That Ran Out Of Money

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The Tuesday Podcast: The Island That Ran Out Of Money

The Tuesday Podcast: The Island That Ran Out Of Money

The Tuesday Podcast: The Island That Ran Out Of Money

  • Download
  • <iframe src="https://www.npr.org/player/embed/135550077/135556330" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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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.

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