Iceland has been growing from a nation of farmers and fishermen to a small economy in recent years, but on these sound foundations, it has also built a financial house of cards.
The country has low unemployment and income per person is above the average in the EU.
Since two of the country's largest banks were privatised in 2003, they amassed huge assets abroad but most of them were funded by lenders in fickle wholesale markets.
Under the pressure of the recent credit crisis, the country's banking system, credit rating and currency collapsed and the government had to nationalise the three largest banks!
Jeroen Vanhoutte
Bron: http://www.economist.com/finance/displaystory.cfm?story_id=12382011
1 opmerking:
OK, good text!
2nd stce: link with previous sentence is not clear (overall, linking between all stces could be more explicit)
have collapsed + has had to (present perfect to stress current relevance)
Een reactie posten