
English: 
In 2008 the world suffered a devastating financial
crisis.
Many countries, when faced with the potential
collapse of their largest banks, chose to
bail them out.
But one country - Iceland, did the exact opposite.
They let their banks fail, and many financial
experts were surprised with the “remarkable”
recovery seen by the Icelandic economy.
So, how did Iceland beat the banks?
Well, it’s important to note that Iceland
is a small, isolated country in the Nordic
region.
Its main industries are fishing and aluminum
smelting, which are relatively consistent
sources of income.
For the past decades, Iceland has seen steady
economic growth, and comparable standards
of living to its Nordic neighbors.
In 2000, Iceland privatized its banking industry.
This opened the doors to foreign debt, and
by 2007, two-thirds of their financing came
from abroad.
When the global recession hit, three of iceland's
major banks collapsed.

Undetermined: 
2008年全球爆發金融風暴
許多大型銀行瀕臨倒閉
不少政府決定紓困
但冰島反其道而行
放手讓銀行倒閉
如今冰島經濟明顯復甦
令不少金融專家稱許
冰島究竟如何突破金融風暴？
 
冰島是北歐一個偏遠小國
主要產業包括漁業及煉鋁
收入相對穩定
過去數十年間
冰島經濟穩定成長
生活品質也與北歐各國相當
2000年，冰島銀行業民營化
因此開放外債，至2007年
三分之二融資來自國外
故全球陷入不景氣之後

English: 
This was attributed to overextending their
loans and making unsavory business decisions.
For instance, one infamous bank, Landsbankinn,
made Iceland residents responsible for more
deposits than they could make payments on.
Unlike in the United States, where the bank’s
deceitful actions merited a bail out, Iceland
refused to do the same.
Iceland’s Central Bank Chief and former
Prime Minister was quoted as saying, "we do
not intend to pay the debts of the banks that
have been a little heedless".
Instead, the government instituted social
welfare and debt-forgiveness programs, effectively
bailing out their own citizens.
Additionally, a number of corrupt bankers
were even jailed for their role in unscrupulous
lending.
As a result, today Iceland is holding a steady
annual growth rate of 3% annually.
By comparison, other european countries like
Greece and Estonia struggle to maintain a
growth rate of 0.2 % and 1.1% percent.
Iceland also maintains a low unemployment
rate - around 4%, while countries like Greece

Undetermined: 
冰島三大銀行全面崩潰
原因包括放款條件過於寬鬆
以及不明智的商業決定
例如Landsbankinn銀行
提供冰島居民的貸款
都遠高於人們的還款能力
美國各家銀行行為類似
卻獲得政府紓困及援助
但冰島政府拒絕協助
冰島央行行長兼前總理曾表示：
「我們並不打算承擔」
「銀行因自身疏忽產生的債務」
冰島政府選擇實施
社會福利與免除債務方案
等於向人民紓困
多位不法銀行家也因為放款未節制
遭到判刑入獄
在種種政策措施之下
冰島年經濟成長率達3%
反觀希臘及愛沙尼亞等歐洲國家
經濟成長率只有0.2%與1.1%

English: 
have seen their unemployment rate hit almost
30%.
Not all countries can do what Iceland did.
But their success can certainly serve as a
model.
The Icelandic President also made a point
of comparison between their financial reforms
and the EU’s current austerity measures.
If the struggling European economies “introduced
currency controls”, “let [their] banks
fail”, and “provided [more] support for
the poor”, they’d be following in Iceland’s
path.
However, despite their success, letting the
banks fail also came with a lot of risk.
For many larger countries, an economic collapse
could devastate the world economy as well.
In the case of the US, they decided they had
too much to lose.
Ever heard of swiss bank accounts, and how
they’re used to provide a safe-haven for
financial privacy?
This might not be the case anymore.
Check out our video here to learn all about
it.

Undetermined: 
冰島失業率也很低，只有4%左右
而希臘等國的失業率則逼近30%
 
其他國家未必能仿效冰島
但冰島經驗肯定值得參考
冰島總統也曾比較國內金融改革
以及歐盟目前的撙節措施
若困境中的歐洲經濟體能夠
「實行外匯管制」、「放手讓銀行倒閉」
「進一步支持貧民」
就能跟隨冰島的路徑
不過冰島雖然成功復甦
但讓銀行倒閉也得承擔許多風險
對不少大國而言
經濟崩潰也可能拖垮世界經驗
例如美國就認為銀行倒閉
將造成弊大於利
各位是否聽過瑞士銀行帳戶
以及成為金融隱私的避風港？
未來情況恐怕生變
若要瞭解詳情

English: 
Thanks for watching TestTube!

Undetermined: 
歡迎點擊畫面中的影片
感謝收看，歡迎訂閱頻道
