{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Ahead of elections, a look at impact of finance crisis' data-url='/boclips/videos/5c54c295d8eafeecae15aca2' data-video-url='/boclips/videos/5c54c295d8eafeecae15aca2' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nAhead of elections, a look at impact of finance crisis\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eApril 23 2009 1. Wide of unemployed carpenter Thorvaldur Thorvaldsson walking into garage2. Thorvaldsson getting up from his desk inside the garage and crossing the room to clean a coffee cup in the kitchen3. Close up of coffee cup, pan...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eApril 23 2009 \u003cbr/\u003e1. Wide of unemployed carpenter Thorvaldur Thorvaldsson walking into garage\u003cbr/\u003e2. Thorvaldsson getting up from his desk inside the garage and crossing the room to clean a coffee cup in the kitchen\u003cbr/\u003e3. Close up of coffee cup, pan up to kitchenware\u003cbr/\u003e4. Tracking shot from kitchen into bedroom in back of garage\u003cbr/\u003e5. SOUNDBITE (English) Thorvaldur Thorvaldsson, unemployed carpenter:\u003cbr/\u003e\"I think the biggest problem is that if my property will be sold for a very low price, and I will have debts on my shoulders until the day I die. I will have to pay off, pay off, pay off and be tied up in debts for the rest of my life.\"\u003cbr/\u003e6. Thorvaldsson in furnished garage\u003cbr/\u003e7. Tilt down from apartment building where Thorvaldsson's former apartment used to be, to his garage\u003cbr/\u003eApril 24 2009 \u003cbr/\u003e8. Wide of bank district in Reykjavik\u003cbr/\u003e9. Exterior shot of Kaupthing bank\u003cbr/\u003e10. Entrance of Spron bank\u003cbr/\u003e11. SOUNDBITE: (English) Gylfi Zoega, Professor of Economies, University of Iceland: \u003cbr/\u003e\"There's a big increase in unemployment and a huge drop in consumption. So, the standard of living has dropped significantly and those who were unfortunate enough to borrow in foreign currencies, they have a serious problem. And of course, when you have a population like this, when you have a big cut in real wages, then they are going to have a tough time.\"\u003cbr/\u003e12. Exterior of Central Bank of Iceland \u003cbr/\u003e13. SOUNDBITE (English) Gylfi Zoega, Professor of Economies, University of Iceland: \u003cbr/\u003e\"The nation as such hasn't misbehaved so much. It's the business model that was adopted by the banks and some businesses which was very risky. Too risky for this country.\"\u003cbr/\u003e14. Wide of building of Islandsbanki, formerly Glitnir bank\u003cbr/\u003e15. Wide of street scene and buildings\u003cbr/\u003eFaced with a harsh economic reality, many Icelandic voters are turning away from the people and the parties that they see as responsible for the crash of the Icelandic banking sector in October. \u003cbr/\u003eIcelanders will vote for parliament on Saturday at a time when life has dramatically changed for many.\u003cbr/\u003eA study published earlier this week suggested that around 10 percent of those who loyally voted for the long-governing Independence Party and former leader Geir H. Haarde in 2007 are expected to express their displeasure by turning in a blank ballot.\u003cbr/\u003eThe party, which was in government for over 17 years, has been widely viewed as responsible for creating the deregulated financial system that allowed the banking sector to grow to 10 times the national budget.\u003cbr/\u003eThorvaldur Thorvaldsson, a 51-year old carpenter from Reykjavik, is one of those who lost his job and is tied up in debt. \u003cbr/\u003eThe divorced father of three is now living in his garage, renting out his apartment he used to live in, to earn some money.\u003cbr/\u003eUnemployment was almost unheard of before the crash, but has skyrocketed as Icelandic companies try to avoid bankruptcy. \u003cbr/\u003eJumping from 1 percent in March 2008 to 8.9 percent in March 2009, the numbers of unemployed keeps on rising. \u003cbr/\u003eThorvaldsson worked as a carpenter for almost 35 years, and then lost his job.  \u003cbr/\u003eHis main concern are the debts which have become so big as a consequence of the banking collapse that he had to take the dramatic measure and give up his home.\u003cbr/\u003e\"I will have to pay off, pay off, pay off and be tied up in debts for the rest of my life,\" Thorvaldsson said. \u003cbr/\u003eHe furnished his garage with a kitchen and a dining table. \u003cbr/\u003eThe heart of the garage is the piano, a vestige of better times the carpenter kept. \u003cbr/\u003eThe global financial crisis washed up hard on the shores of this volcanic island of 320-thousand people. \u003cbr/\u003eAfter racking up massive debts during years of laissez-faire economic regulation and rapid expansion, the country's three main banks collapsed within the space of a week in October.\u003cbr/\u003eThe government sought a 10 (b) billion US dollars International Monetary Fund-led bailout and the country's currency, the krona, has plummeted.\u003cbr/\u003eUnemployment and inflation have spiralled and the IMF has predicted that the economy will shrink by about 10 percent in 2009, which would be Iceland's biggest slump since it won full independence from Denmark in 1944.\u003cbr/\u003eGylfi Zoega, a professor of Economies at the University of Iceland said that as a result, the standard of living in Iceland has dropped significantly.\u003cbr/\u003e\"Those who were unfortunate enough to borrow in foreign currencies, they have a serious problem,\" he said.\u003cbr/\u003eThe total amount of Iceland's debt is unclear. \u003cbr/\u003eMuch depends on Iceland's obligations to British and Dutch customers who had deposited their savings in Icelandic-run Icesave accounts. \u003cbr/\u003eNegotiations are still under way on how much of these liabilities will be added to the country's already staggering debt. \u003cbr/\u003eWith the country's banking system in tatters and its national debt soaring, voters are expected to endorse the parties in the caretaker government, a Social Democrats and Left-Greens alliance led by interim Prime 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