Which event resulted from the 2008 financial crisis? Three of Iceland's largest banks failed. Most of Greece's olive orchards failed. Spain declared bankruptcy. Norway's whaling industry disappeared.

Question

Geography

Laney Leon

28 May, 16:51

Which event resulted from the 2008 financial crisis? Three of Iceland's largest banks failed. Most of Greece's olive orchards failed. Spain declared bankruptcy. Norway's whaling industry disappeared.

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Answers (1)

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Rose · Answer 1

The answer is: Three of Iceland's banks failed.

Explanation:

To learn more about the answer, let's get to know what actually happened in the Financial Crises of 2008.

The Financial Crises of 2008 is also known as the "global financial crises." This event is considered to be a very serious one after "The Great Depression" which also affected many people during the 1930s. This started in 2007 with the so-called "subprime mortgage," this was a friendly provision for people who wanted to loan a sum of money but have a hard time with repayment schedule. This was made worse with the Lehman Brother's Holdings Inc. risky activities. Many of the financial institutions were on the brink of failing or closing.

The crises also resulted into Icelandic's financial crisis. It started with the establishment of high-interest banks. These three banks were: Kaupthing, Glitner and Landsbankinn. The banks didn't work out well and it affected many investors and people. This put the country in debt which also resulted in high unemployment rate.

It was a terrible time for the Icelanders.