Where It All Falls Apart

Kristinn Ingvarsson won The Photograph of the Year Award today.  His photo represents the exact moment when the total bank collapse begins.  Davið Oddson is about to announce the denial of a loan to Glitnir and instead the government will take a 75% share in Glitnir.  His action essentially makes the bank's private debt sovereign debt, the first of several Central Bank missteps.  More importantly, this action signals to the world and especially the UK that the Central Bank either will not loan or cannot loan to the big three banks, making international orphans out of Landsbanki and Kaupthing and bringing them down shortly thereafter with the freezing of their assets in the UK. I wonder when Kristinn took this photo if he or anyone else knew exacty what was being documented.

GTB

 

Kristinn á mynd ársins