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Iceland's banking sector ballooned to nine times the tiny nation's annual gross domestic product in a decade of boom, before collapsing under the weight of debt in October 2008. The country's three main banks collapsed in a single week. The failure of Icesave, an online subsidiary of Landsbanki bank, left 340,000 British and Dutch citizens out of pocket. Both Britain and The Netherlands reimbursed their citizens' deposits and are still seeking repayment. Voters rejected the second government-backed deal to repay them last year in a referendum, sending the dispute to an international court. While Iceland has begun repayments, international courts are still considering the legality of Iceland's actions.
[Associated
Press;
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