The usual upsets



The reach of the financial crisis has been truly global. Despite minimal exposures to Lehman Brothers, the failed Icelandic banks and their relatively small holdings of US subprime mortgage-backed securities and collateralised debt obligations (CDOs), Norwegian banks did not escape unscathed when the turmoil escalated in the second half of 2008.

Financial institutions in Norway have suffered the same symptoms as their peers in other countries: liquidity constraints and the deterioration of credit

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