Transcript Iceland Left Out in the Cold? International Political Theory

Iceland Left Out in the Cold?
International Political Theory
Professor Hannes H. Gissurarson
NOPSA-37, Gothenburg
14 August 2014, 8.45–9.45
US v. Cuba, Prussia v. Denmark
Division of Central Europe
Iceland: 325,000 Without a
Military
Top Credit Ratings Created Bubble
Aaa
Aa1
Aa3
A1
A1
A2
Baa1
Baa3
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
External Debt: 2004 Crucial Year
16000000
14000000
12000000
10000000
8000000
External debt in millions
of kronur
6000000
4000000
2000000
0
1992
1996
2000
2004
2008
2004–8: Baugur Bubble
6000
5000
Loans to Baugur and
related companies
4000
Loans to Exista and
related companies
3000
2000
Loans to Landsbanki main
owners and related
companies
1000
0
1/1/05
1/1/06
1/1/07
1/1/08
No more “Oversized” than others
United Kingdom
Iceland
Ratio of short-term
liabilities to GDP
Switzerland
Belgium
0
50
100
150
200
250
300
Size of Banking Sector, 1992–2007
10
9
8
7
6
5
Switzerland
4
Iceland
3
2
1
0
1992
1994
1996
1998
2000
2002
2004
2006
2008
Why Does Glass Break?
Crucial Announcements and Decisions
Loss of Social Capital
Haakon VII’s gate 10 in Oslo
The Scottish Angle
Friends in Need, Friends Indeed