The financial crisis originating in the U.S. quickly spread to the rest of the world with confidence receding, interbank lending becoming scarce and a serious credit crunch. Financial institutions throughout the world got into trouble, and over time the crisis in the financial markets has caused widespread financial difficulties across the world. Iceland is one of the countries hardest hit by the crisis, which was accelerated by domestic vulnerabilities, but most of the other Nordic countries have experienced and anticipate further economic downturn as well.
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