Ice storm

Iceland

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Long after the financial crisis is over, the events that took place in October and November 2008 will be remembered as a watershed for the credit derivatives market. But while credit event fixings in the US for Fannie Mae, Freddie Mac, Washington Mutual and Lehman Brothers have drawn much of the attention, the technical defaults of Icelandic banks Landsbanki, Glitnir and Kaupthing will also be looked back on as defining moments, triggering the first-ever cash-settlement auctions of debt issued

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