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Ásgeir Jónsson: Helplessness of a small nation
Ásgeir Jónsson: Helplessness of a small nation
Head of Research at Kaupthing Bank, Iceland's biggest bank, which went under last year after the Lehman collapse

I remember TV footage of Lehman employees weeping on the sidewalk, little knowing that the same scene would visit Iceland exactly three weeks later.

On Sept. 24 the Fed announced swap lines with Norway, Denmark, Sweden ... not Iceland. The government attempted a nationalization of Glitnir [Bank] the next Monday, leading to a systemwide bank run. For the first time in my life, I felt the helplessness of being a member of such a small nation.

NEXT: Rodrigo Nino: Crisis created renewal

Last updated September 14 2009: 3:19 PM ET
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