2008–2011 Icelandic financial crisis and Pingree School: Difference between pages

Pingree School
Pingree School
Location
	South Hamilton, Essex County, Massachusetts, Massachusetts; United States
Information
School type	Public secondary
Established	1961
Enrollment	325
Website	www.pingree.org

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Pingree School is a coeducational, independent secondary day school located in South Hamilton, MA serving the geographic area north and east of Boston. Its students commute from 50 different cities and towns, from as far south as Everett, as far north as Newburyport and as far west as the Merrimack Valley.

History Pingree School

In 1961, the Pingree school, located in South Hamilton MA, was founded by Mr. Pingree in the mansion in which he grew up. Pingree opened with girls, and in 1971 the school became coeducational. Since then, Pingree has grown to be a coeducational school with an enrollment of around 325.

Construction and additions

The development of Pingree's physical plant has demonstrated the school's recognition that it must provide the best possible facilities to support a strong educational program. Four capital drives have allowed the addition of the library (1966); a science wing and cafeteria (1969); the Weld Field House, a modern kitchen, locker rooms and two classrooms (1977); tennis courts and parking areas (1982), and of course Nadar Pooprash. In the spring of 1987, the Mary Weld Center for the Performing Arts, which houses a 425-seat theatre, art rooms, music rooms and additional classrooms, was completed. The H. Alden Johnson Rink was finished in time for the 1988-1989 hockey season. In the summer of 2000, construction was completed on a major addition to the library, additional classrooms, the dining commons and student areas. In 2001, plans where drawn up and construction was started on the new academic center which was finished in time for the 2004-2005 school year.

The academic center contains a new senior locker area, three floors of new classrooms (the first floor replaces the old science wing), and academic support centers alongside new faculty departmental offices. English, History, Math, and Science are taught in the new academic center, while languages (French, Spanish, Latin, and Mandarin) are taught in the old house. An addition to the H. Alden Johnson Rink was completed in time for the 2006-2007 hockey season. The newly renovated rink now consists of a state-of-the-art fitness center to be used by students as well as faculty, and four new locker rooms with showers.

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+{{Otheruses4|the secondary school in Massachusetts|the K-12 school in New Jersey|Pingry School}}
-{{Current}}
-[[Image:Landsbankinn1.jpg|thumb|250px|Former headquarters of [[Landsbanki]] in [[Reykjavik]] and current headquarters of [[New Landsbanki]], founded by FME on the ruins of Landsbanki.]]
+{{Infobox School
-The '''2008 Icelandic financial crisis''' is an ongoing series of problems in [[Iceland]], which are having effects on the country’s [[economy of Iceland|economy]] and [[banks of Iceland|banking system]], in the context of a [[Economic crisis of 2008|2008 world economic crisis]]. All three of the major banks in Iceland have been affected by the crisis, and their control has been seized by the government. In late September it was announced that [[Glitnir (bank)|Glitnir]] would be nationalised. The following week, the control of [[Landsbanki]] and Glitnir was handed over to the [[Icelandic Financial Supervisory Authority|Financial Supervisory Authority (FME)]]. Soon after that, the same organisation seized Iceland’s largest bank, [[Kaupthing Bank|Kaupthing]].
+|bgcolor_section=
+|name= Pingree School
+|image=
+|imagesize=
+|caption=
+|location=
+|city= [[South Hamilton]]
+|county= Essex County, Massachusetts
+|state= [[Massachusetts]]
+|country= USA
+|Principal= Tony Blackman
+|established= [[1961]]
+|schooltype= [[Public school|Public]] [[Secondary education|secondary]]
+|enrollment= 325
+|grades=
+|colors=
+|mascot=
+|newspaper=
+|website=[http://www.pingree.org www.pingree.org]
+|}}
+'''Pingree School''' is a [[coeducational]], independent secondary [[day school]] located in [[South Hamilton]], [[Massachusetts|MA]] serving the geographic area north and east of [[Boston]]. Its students commute from 50 different cities and towns, from as far south as [[Everett]], as far north as [[Newburyport]] and as far west as the [[Merrimack Valley]].
-The effects are being felt in various other European countries.<ref>{{cite web |title=Icesave savers warned on accounts |publisher=New York Times |accessdate=2008-10-11 |url=http://www.nytimes.com/2008/10/11/business/worldbusiness/11icebank.html?ref=worldbusiness}}</ref> In the United Kingdom, customers of [[Icesave]] (a subsidiary of Landsbanki) found  on 7th October that they were unable to withdraw their funds.<ref>{{cite web |title=Icesave savers warned on accounts |publisher=BBC News |accessdate=2008-10-07 |url=http://news.bbc.co.uk/1/hi/business/7656387.stm}}</ref> Many UK local authorities, charities, police authorities and other organisations had funds in Icelandic banks. Many European banks had hundreds of millions of euros' exposure to the Icelandic banks.
+== History Pingree School ==
-According to the [[Associated Press]], Iceland “is on the brink of becoming the first ‘national bankruptcy’ of the global financial meltdown.”<ref name="causes">{{cite web | url=http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown| title=Iceland teeters on the brink of bankruptcy | publisher=AP | accessdate = 2008-10-08}}</ref> Prime Minister [[Geir Haarde]] has stated that the actions taken by the government have ensured that the Icelandic state will not go bankrupt.<ref>{{cite web|title=Ikke mulig å veksle penger|publisher=E24|accessdate=2008-10-10|url=http://e24.no/utenriks/article2699322.ece}}</ref> At the end of the second quarter 2008, Iceland's [[external debt]] was 9553 billion [[Icelandic króna|Icelandic krónur]], more than 80% of which was held by the banking sector:<ref>{{cite web | url = http://www.sedlabanki.is/?pageid=552&itemid=a55be3a0-9943-484e-a8de-46d23f17ba25&nextday=4&nextmonth=12 | title = Central Bank of Iceland Statistics – External debt | accessdate = 2008-10-11}}</ref> this compares with Iceland's [[gross domestic product]] of 1279 billion krónur (2007).<ref>{{cite web | url = http://www.statice.is/Pages/444?NewsID=2943 | title = Statistics Iceland – Gross domestic product 2007 | accessdate = 2008-10-11}}</ref>
+In 1961, the Pingree school, located in South Hamilton MA, was founded by Mr. Pingree in the mansion in which he grew up. Pingree opened with girls, and in 1971 the school became coeducational. Since then, Pingree has grown to be a coeducational school with an enrollment of around 325.
+===Construction and additions===
-== Development ==
+The development of Pingree's physical plant has demonstrated the school's recognition that it must provide the best possible facilities to support a strong educational program. Four capital drives have allowed the addition of the library (1966); a science wing and [[cafeteria]] (1969); the Weld Field House, a modern kitchen, locker rooms and two classrooms (1977); tennis courts and parking areas (1982), and of course Nadar Pooprash. In the spring of 1987, the Mary Weld Center for the [[Performing Arts]], which houses a 425-seat [[theatre]], [[art]] rooms, [[music]] rooms and additional classrooms, was completed. The H. Alden Johnson Rink was finished in time for the 1988-1989 [[hockey]] season. In the summer of 2000, construction was completed on a major addition to the [[library]], additional classrooms, the dining commons and student areas. In 2001, plans where drawn up and construction was started on the new academic center which was finished in time for the 2004-2005 school year.
-=== Currency ===
+The academic center contains a new senior locker area, three floors of new classrooms (the first floor replaces the old science wing), and academic support centers alongside new faculty departmental offices. English, History, Math, and Science are taught in the new academic center, while languages (French, Spanish, Latin, and Mandarin) are taught in the old house. An addition to the H. Alden Johnson Rink was completed in time for the 2006-2007 [[hockey]] season. The newly renovated rink now consists of a state-of-the-art fitness center to be used by students as well as faculty, and four new locker rooms with showers.
-[[Image:Arsbreytinglandsfr2000-8.png|300px|thumb|Economic growth in Iceland, Denmark, Norway and Sweden in 2007. Iceland is highlighted red.]]
-The Icelandic króna has declined nearly 50% against the [[euro]] during 2008.  Inflation of prices in the economy is running at 14%.<ref name=WSJ>{{cite news|url=http://online.wsj.com/article/SB122331879240408481.html?mod=googlenews_wsj|title=Iceland Risks Bankruptcy, Leader Says|publisher=[[The Wall Street Journal]]|last=Forelle|first=Charles|date=2008-10-07|accessdate=2008-10-07}}</ref> Iceland’s interest rates have been raised to 15.5% to deal with the high inflation and the króna’s decline is reportedly only beaten by that of the [[Zimbabwean dollar]].<ref>{{cite news|url=http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3147866/Financial-crisis-Icelands-dreams-go-up-in-smoke.html|title=Financial crisis: Iceland's dreams go up in smoke|publisher=[[The Daily Telegraph]]|last=Pierce|first=Andrew|date=2008-10-06|accessdate=2008-10-07}}</ref> This depreciation in currency value has put pressure on banks in Iceland, which are largely dependent on foreign debt.
+==See also==
-On Wednesday night, 8th October, the [[Central Bank of Iceland]] abandoned its attempt to [[Fixed exchange rate|peg]] the Icelandic króna at 131 króna to the euro after trying to set this peg on Monday, 6th October.<ref>{{cite web|url=http://www.forbes.com/home/2008/10/08/iceland-sovereign-currency-markets-currency-cx_po_1008markets28.html|title=Iceland Teeters On Bankruptcy|publisher=Forbes|date=2008-10-09|accessdate=2008-10-08}}</ref> By Thursday 9th October the Icelandic króna was trading at 340 to the euro when trading in the currency collapsed due to the FME’s takeover of the last major Icelandic bank, and thus the loss of all króna trade ‘[[clearing house (finance)|clearing houses]]’.<ref>{{cite web|url=http://www.investmentmarkets.co.uk/20081009-2520.html|title=Trade halted on Icelandic krona|publisher=Investment markets|last=Frei|first=Elaine|date=2008-10-09|accessdate=2008-10-08}}</ref><ref>{{cite web|url=http://www.bloomberg.com/apps/news?pid=20601085&sid=aiz5QIq94nrw&refer=europe |title=Iceland's Krona Currency Trading Halts as Kaupthing Taken Over  |publisher=Bloomberg.com |date=2008-10-09 |accessdate=2008-10-11}}</ref>
+*[[Eastern Independent League]]
+*[[List of high schools in Massachusetts]]
+[[Category:High schools in Massachusetts]]
-=== Banks ===
+[[Category:Private schools in Massachusetts]]
+[[Category:Educational institutions established in 1961]]
-[[Image:Iceland-Reykjavik-Skolavordustigur-SPRON.jpg|thumb|220px|A branch of local Icelandic savings bank [[Sparisjóður Reykjavíkur og nágrennis|SPRON]].]]
+[[Caregory:Pingree Mission statement]]
-On 29th September 2008 a plan was announced for the bank Glitnir to be nationalised by the Icelandic government with the purchase of a 75% stake for €600 million.<ref>{{cite web |url=http://www.glitnir.is/english/about-glitnir/news/detail/item14983/The_government_of_Iceland_acquires_75_percent_share_in_Glitnir_Bank/ |publisher=Glitnir |title=The government of Iceland acquires 75 percent share in Glitnir Bank |date=2008-09-29 |accessdate=2008-09-30}}</ref><ref>{{cite web |url=http://eng.forsaetisraduneyti.is/news-and-articles/nr/3016 |publisher=Prime Minister's Office |title=News and Articles: The Government of Iceland provides Glitnir with new equity |date=2008-09-29 |accessdate=2008-09-30}}</ref>  The government stated that it did not intend to hold ownership of the bank for a long period, and that the bank was expected to carry on operating as normal. According to the government the bank “would have ceased to exist” within a few weeks if there had not been intervention.<ref>{{cite web |url=http://news.bbc.co.uk/1/hi/business/7641753.stm |title=Iceland nationalises Glitnir bank |publisher=BBC News |date=2008-09-29 |accessdate=2008-09-30}}</ref> However, the nationalization of Glitnir never went through as Glitnir was taken over by the Financial Supervisory Authority before the initial plan of the Icelandic government to purchase a 75% stake in the bank had been approved by the bank.
-The Financial Supervisory Authority (FME) took control of [[Landsbanki]] on 7th October.<ref>[http://www.fme.is/?PageID=581&NewsID=331 The Financial Supervisory Authority - Iceland, ''News: Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland'' (07.10.2008)]</ref><ref>[http://www.landsbanki.is/english/aboutlandsbanki/pressreleases/?GroupID=720&NewsID=13284&y=0&p=1 Landsbanki Íslands, ''Press release: Landsbanki's Operations Continued Under Unchanged Management'' (7th October 2008)]</ref> A press release by the FME states that all of Landsbanki's domestic branches, call centres, ATMs and internet operations will be open for business as usual, and that all domestic deposits are fully guaranteed. ''[[The Guardian]]'' reported that the Government had moved quickly to use the sweeping powers granted by the Icelandic parliament, the night before.<ref>{{cite web |url=http://www.guardian.co.uk/business/2008/oct/07/iceland.banking |title=Iceland government seizes control of Landsbanki |publisher=The Guardian |date=2008-10-07 |accessdate=2008-10-07}}</ref> The same day, FME took control of Glitnir.<ref>[http://www.fme.is/?PageID=581&NewsID=337 The Financial Supervisory Authority - Iceland, ''News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland'' (08.10.2008)]</ref><ref>[http://www.glitnir.is/english/about-glitnir/news/detail/item15927/Glitnir's_Operations_Continued_–_Larus_Welding_to_continue_as_CEO/ Glitnir Bank, ''News: Glitnir's Operations Continued – Lárus Welding to continue as CEO'' (08.10.2008)]</ref>
-On 8th October the UK's [[Prime Minister of the United Kingdom|Prime Minister]], [[Gordon Brown]], announced that the UK government would launch legal action against Iceland over concerns with compensation for the estimated 300,000 UK savers after the FME's takeover of [[Landsbanki]] and its online brand, [[Icesave]].<ref>{{cite web |title=UK govt launching legal action against Iceland |publisher=Citywire |accessdate=2008-10-08 |url=http://www.citywire.co.uk/personal/-/news/markets-companies-and-funds/content.aspx?ID=316803&re=3902&ea=180442}}</ref> [[Chancellor of the Exchequer]] [[Alistair Darling]] announced that the UK government would foot the entire bill, estimated at £4 billion,<ref>{{cite web |title=Darling's pledge to Icesave savers |publisher=The Press Association |accessdate=2008-10-08 |url=http://ukpress.google.com/article/ALeqM5gIrwQn2oxfrbF2Jz4ehKIqmRQJrw}}</ref><ref>{{cite web |title=Britain vows to to protect savers |publisher=Agence France-Presse |accessdate=2008-10-08 |url=http://www.news.com.au/business/story/0,27753,24467268-31037,00.html}}</ref> and that he was taking steps to freeze the assets of Landsbanki.<ref>[[BBC news]]. [http://news.bbc.co.uk/2/hi/uk_news/politics/7658518.stm Rescue plan for UK banks unveiled]. Retrieved 2008-10-08</ref> Under the [http://www.opsi.gov.uk/si/si2008/uksi_20082668_en_1 Landsbanki Freezing Order 2008], passed on 8th October 2008, [[Her Majesty's Treasury]] went on to freeze the assets of Landsbanki in the UK, and assets belonging to the [[Central Bank of Iceland]], and the Government of Iceland relating to Landsbanki.<ref>[http://www.opsi.gov.uk/si/si2008/uksi_20082668_en_1 The Landsbanki Freezing Order 2008]</ref> The freezing order took advantage of provisions in sections 4,<ref>[http://www.opsi.gov.uk/Acts/acts2001/ukpga_20010024_en_2#pt2-pb1-l1g4 http://www.opsi.gov.uk/Acts/acts2001/ukpga_20010024_en_2#pt2-pb1-l1g4]</ref> 14<ref>[http://www.opsi.gov.uk/Acts/acts2001/ukpga_20010024_en_2#pt2-pb3-l1g14 http://www.opsi.gov.uk/Acts/acts2001/ukpga_20010024_en_2#pt2-pb3-l1g14]</ref> and Schedule 3<ref>[http://www.opsi.gov.uk/Acts/acts2001/ukpga_20010024_en_16#sch3 http://www.opsi.gov.uk/Acts/acts2001/ukpga_20010024_en_16#sch3]</ref> of the [[Anti-terrorism, Crime and Security Act 2001]]. Icelandic Prime Minister Geir H. Haarde said at a [[press conference]] on the following day that the Icelandic government was displeased and outraged that the UK government applied provisions of anti-terrorism legislation to it in a move they dubbed an “unfriendly act”.<ref>{{cite web |title=Mjög óvinveitt aðgerð |publisher=mbl.is |accessdate=2008-10-09 |url=http://mbl.is/mm/frettir/innlent/2008/10/09/mjog_ovinveitt_adgerd/}}</ref>
-On 9th October the largest bank in Iceland, [[Kaupthing Bank|Kaupthing]], was taken over by the FME, following the resignation of the entire board of directors.<ref>[http://www.fme.is/?PageID=581&NewsID=340 The Financial Supervisory Authority - Iceland, ''News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland'' (09.10.2008)]</ref><ref>[http://www.kaupthing.com/pages/164?path=K/133944/PR/200810/1258139.xml Kaupthing Bank, ''Press release: Kaupthing Bank turns to the Icelandic FSA'' (2008.10.09)]</ref> This came about when “Britain transferred control of the business of [[Kaupthing Edge]], its Internet bank, to [[ING Direct]] and put Kaupthing’s UK operations into administration” placing Kaupthing in technical default according to loan agreements.<ref>{{cite web|url=http://www.reuters.com/article/innovationNews/idUSTRE4981SV20081009?sp=true|title=Shellshocked [[Iceland]] takes control of biggest bank|publisher=Reuters|date=2008-10-09|accessdate=2008-10-08}}</ref> Over £2.5 billion of deposits for 160,000 customers were handed over to ING Direct.
-On the same day, all trading on the [[OMX]] [[Iceland Stock Exchange|Nordic Iceland Exchange]] was frozen by the government temporarily for two days, according to the BBC: “in an attempt to prevent further panic spreading throughout the country’s financial markets”. The decision was made to do so due to “unusual market conditions”.<ref>{{cite web |title=Iceland halts all share trading |publisher=BBC News |accessdate=2008-10-09 |url=http://news.bbc.co.uk/1/hi/business/7660511.stm}}</ref>
-=== Effects outside Iceland ===
-==== United Kingdom ====
-It emerged on 9th October that over £760 million in cash for around 95 UK [[local government|local authorities]] is invested in Icelandic banks.<ref>{{cite web |title=Councils ‘not reckless with cash’ |publisher=BBC News |accessdate=2008-10-09 |url=http://news.bbc.co.uk/1/hi/uk_politics/7660438.stm}}</ref> Ministers from each council are meeting to try and persuade [[HM Treasury]] to secure the money in the same way that customer’s money in the now insolvent bank Icesave was fully guaranteed. The [[Local Government Association]] assured that council services were not at risk of suffering due to a lack of liquidity. Of all the local authorities, [[Kent County Council]] has the most money invested in Icelandic banks, with the figure standing at £50 million. [[Transport for London]], the organisation that operates and coordinates transport services within London, also has a large investment at £40 million. Local authorities were working under government advice to invest their money across many national and international banks as a way of spreading risk, which stated that the Icelandic banks had been given a “double A” rating. Some [[charities]] and other public bodies (such as [[Universities in the United Kingdom|universities]]) also have considerable sums invested in the same banks, and the security of their cash is currently unknown.
-Other UK organisations that are said to have invested heavily include police services, charities and universities.
-Icelandic [[Prime Minister of Iceland|Prime Minister]] [[Geir Haarde]] said that “[his] government was working to repair relations with Britain amid the crisis”.<ref>{{cite web |title=Councils fear for Icelandic cash |publisher=BBC News |accessdate=2008-10-09 |url=http://news.bbc.co.uk/1/hi/uk_politics/7660438.stm}}</ref>
-Gordon Brown condemned what he saw as Iceland’s refusal to secure the deposits of UK customers of Icelandic banks as “completely unacceptable” and “effectively illegal”, and that the regulators have failed “not only the people of Iceland, they have failed people in Britain”.<ref>{{cite web |title=Brown: Iceland’s actions illegal |publisher=BBC News |accessdate=2008-10-09 |url=http://news.bbc.co.uk/1/hi/uk_politics/7662027.stm}}</ref> Geir Haarde replied that the remarks made by Brown were "not a true description" and that he would not be sanctioning any illegal behaviour.<ref>Daily Telegraph http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3175405/Financial-crisis-Gordon-Brown-accused-of-sabotaging-Iceland-economy.html</ref>
-==== Other countries ====
-Other European countries have also been affected (though the New York Times described Britain as being "the biggest and noisiest complainant").  Austrian, Finnish and German banks each have some hundreds of millions of euros' exposure to the Icelandic banks.
-== Causes ==
-{{expand}}
-The crisis came about gradually as banks became unable to refinance their [[debt]]s. It is estimated that the four major banks hold [[foreign debt]] in excess of [[USD|$]]100 [[billion]], or about $300,000 per Icelandic resident, compared with Iceland’s [[gross domestic product]] of $14 billion. The króna, which was ranked by ''[[The Economist]]'' as the most overvalued currency in the world in early 2007,<ref>{{cite web | title = The Big Mac index | publisher = [[The Economist]] | accessdate = 2008-10-11 | url = http://www.economist.com/markets/indicators/displaystory.cfm?story_id=8649005}}</ref> has also suffered due to the effects of [[Carry trade#Currency|carry trading]], which has exacerbated the problem.<ref name="causes" /><ref>{{cite web | title = Kreppanomics | publisher = [[The Economist]] | accessdate = 2008-10-10 | url = http://www.economist.com/finance/displaystory.cfm?story_id=12382011}}</ref>
-== eBay ==
-Online auction and shopping website [[eBay]] has reported that one seller has put up Iceland for sale. Auction started with 99 pence but had reached 10 million pounds ([[US $]]17.28 million). However, singer [[Bjork]] was "not included" in the sale. The notice read ''Located in the mid-Atlantic ridge in the North Atlantic Ocean, Iceland will provide the winning bidder with — a habitable environment, Icelandic Horses and admittedly a somewhat sketchy financial situation''. Bidders' questions included: "Do you offer volcano/earthquake insurance?"<ref name="Iceland for sale on eBay, winner may collect in person">{{cite news|url=http://www.ibnlive.com/news/iceland-for-sale-on-ebay-winner-may-collect-in-person/75531-13.html?from=rssfeed|title=Iceland for sale on eBay, winner may collect in person|date=Oct 10, 2008 |work=Reuters|publisher=CNN-IBN|accessdate=2008-10-10}}</ref><ref name="Iceland for sale on eBay UK">{{cite news|url=http://www.icenews.is/index.php/2008/10/10/iceland-for-sale-on-ebay-uk/|title=Iceland for sale on eBay UK|first=Thorleifur Petursson |date=Oct 10, 2008|publisher=International Nordic News|accessdate=2008-10-10}}</ref>
-== See also ==
-* [[Financial crisis of 2007-2008]]
-* [[List of bankrupt or acquired banks during the subprime mortgage crisis]]
-== References ==
-{{reflist|colwidth=30em}}
-{{Iceland topics}}
-{{2008 economic crisis}}
-[[Category:Financial crises]]
-[[Category:2008 in economics|Icelandic financial crisis]]
-[[Category:2008 in Iceland|Financial crisis]]
-[[Category:Economy of Iceland]]
-[[Category:United States housing bubble]]
-[[fr:Crise financière de 2008 en Islande]]
-[[id:Krisis finansial Islandia 2008]]
-[[is:Efnahagskreppan á Íslandi 2008]]
-[[he:המשבר הכלכלי באיסלנד (2008)]]