Читать книгу Search Engines - Jon Jonsson - Страница 31

As an afterthought to this little Viking saga, Iceland went through a very radical transformation between the years 2000 and 2008. The government deregulated and encouraged high-risk banking practices. The fishing-based economy was quickly overtaken by the banking and financial sectors. Icelandic banks borrowed massively from foreign banks to invest in new opportunities in faraway countries. The supportive government of the time warmly called Icelandic bankers their "Exploring Vikings." They swiftly opened up new connections and territories for Iceland. The economy became rich, and the standard of living rose sharply. You could say that these new banks acted like cleverly constructed longships. They operated with brazen boldness but lacked basic risk management. Around 2008 the "financial meltdown" started spreading around the globe. One of the main casualties was Iceland, which became the first European country to go totally bankrupt. When the dust had finally settled, Icelandic bankers had borrowed many times the total production of the national economy. Once again, conquering new territory was not easy without plenty of strong backup ships. Also, this vast global exploration ended in a sudden financial entrapment. Now, Iceland has to rely on itself for most things, as some nations are demanding repayment of funds before opening up free and unhindered financial relationships. Centuries of self-reliance have helped the population to adjust very quickly, and even to thrive, in this new segregated condition. We can expect new sagas to be written about the 21st-century Vikings to bring the historical echo full circle.