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| Most leading financial centers (UK, US, DE, FR, JP, NL) bailed out their banks. It was not only to ensure credibility. It was thought cheaper to rescue the banks then bear the cost of the collateral damage in business and individual bankruptcies, foreclosures, unemployment, etc. | |
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and then, of course, there was Iceland.
the only thing standing between UK and Iceland was the size of the UK banks' losses relative to the UK's GDP.