samskiptatónn

Samskiptatónn, also known as the Icelandic Financial Crisis, was a severe economic downturn that occurred in Iceland between 2008 and 2011. The crisis was triggered by a combination of factors, including the global financial crisis, Iceland's reliance on the banking sector, and a housing bubble that burst in 2008. The crisis led to the collapse of several major banks, including Landsbanki, which was the largest bank in Iceland at the time.

The crisis had significant impacts on the Icelandic economy. The country's GDP contracted by 11.2% in 2008, and unemployment reached a peak of 12.8% in 2010. The crisis also led to a significant decline in the value of the Icelandic króna, which lost more than 90% of its value against the US dollar between 2008 and 2011.

The Icelandic government responded to the crisis by implementing a series of austerity measures, including cuts to public spending and increases in taxes. The government also sought international assistance, including a €3.8 billion bailout from the International Monetary Fund (IMF) and the European Union (EU) in 2008. The bailout was later converted into a loan, which Iceland has since repaid.

The crisis had long-lasting effects on the Icelandic economy, with the country's GDP taking more than a decade to recover to its pre-crisis level. The crisis also led to significant changes in the Icelandic banking sector, with several banks being nationalized and merged into a new institution, Íslandsbanka. The crisis also highlighted the importance of financial regulation and the need for countries to diversify their economies away from reliance on the banking sector.