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Banking in Iceland faced a crisis in 2008, which resulted in the government taking over three of its largest commercial banks.
The short-term liabilities of Icelandic banks in proportion to Iceland's GDP are 211%, as of 11 October 2008, or 480% of the country's national debt, and the average leverage ratio (assets/net worth) is 1 to 14.[1]
^"The World's Banks Could Prove Too Big to Fail — or to Rescue". The New York Times. 11 October 2008. Retrieved 14 August 2016.
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