It all started when…

…Heath Ledger died.

No, not really. But the downfall of the Icelandic economy is not because of global turmoil but when…

…the government privatized the banks early in the new century…

…including Bunadarbankinn (which became Kaupthing) and Landsbankinn and sold them to business groups closely tied to the two political parties in charge at the time, the Independent Party and Progressive Party…

…including a finance minister that quit a his post a couple of years earlier and became a billionaire overnight with this gift from his former party, the Progressive Party…

…and a father and son who made their money in beer in the late nineties in Russia and were favored by the Independent Party even though their bid was the lowest, promting a resignation from the privatization-board by one of its members, usually loyal to the Independent Party…

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