Icelandic banks loaned more to debtors in trouble

glitlandsthing2In 2007 and 2008, a third of all loans from the three big Icelandic banks went to people already indebted to the banks and unable to pay their debts.

The original loans had been granted for the purchase of shares and the second wave of loans were issued to protect those investors from the global economic downturn. Source: Althingi report.

Comments are closed.