Iceland $5.7 billion bank loan crisis
Queen’s University professor David Detomasi can discuss the repercussions of Iceland’s decision to possibly default on $5.7 billion in loans to Britain and Netherlands.
“Iceland’s halting of debt repayments may potentially damage it for decades to come. Many governments have rung up high levels of debt in responding to the 2008 financial crises, and no clear commitment to reduce debt levels is on the horizon. Over time, debt hurts a country’s credit rating and harms its reputation. Moreover, these effects tend to stick with countries long after any precipitating crises has past. Small countries holding large amounts of debt are particularly vulnerable.”
Detomasi is an assistant professor of International Business and Strategy at the Queen's University School of Business in Kingston, Ontario. He completed his PhD from the Department of Political Studies at Queen's University in 1999, specializing in International Political Economy. He is also a graduate of the Executive Program on the Global Financial System from the John F. Kennedy School of Government at Harvard University.
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