by 
discobod
ANSWERS: 2
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The big problem was that their currency dropped 30% against the Euro, virtually over a weekend. This put the banks in trouble as they could not pay their debts and the banks became insolvent. I'm not sure of all of the details but the government did take over two banks and a third was subject to a restructuring. The country also temporarily suspended trading of these bank instruments on international markets. That's about all I have so far.
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Global warmimg.. it melted the ice..
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