Iceland saw its economy collapse in the 2008 global financial crisis when its inflated financial system imploded, plunging the country into a deep recession.
The country’s three main banks failed and the government urgently nationalised them. Iceland became the first western European country in 25 years to ask the International Monetary Fund for a bailout, and top finance executives went to jail.
Iceland returned to annual growth in 2011. Its economy grew by 7.2 percent in 2016, the highest among the OECD countries, fuelled by private consumption, soaring tourism and an expansive fiscal policy.
As Iceland votes for a second time in a year, here is a list of key dates on the country’s fall and rise from the ashes.
– 2008 –
September: The global financial crisis hits Iceland, where the banking sector represented two thirds of the value of the Reykjavik stock exchange.
October: The state lets the three largest banks fail before nationalising