Icelanders overthrow top power holders responsible for economic crisis (Kitchenware Revolution), 2008-9
At the dawn of the financial crisis, Iceland was controlled by the Independent Party, a right-wing party with decidedly neo-liberal economic policies. Over the past 19 years, banks had been privatized, regulations cut, and the corporate tax rate lowered to 18%. Personal income tax, on the other hand, was held at 36%, regardless of income. As global concern over bank failures grew, the Icelandic government continued to assure citizens that all was well. However, in September 2008, the Icelandic bank Glitner failed, followed closely by the remaining Icelandic banks, Landsbanki and Kaupthing.