Icelandic outvasion

The Icelandic "outvasion" (Icelandic: útrás) was the period in the economic history of Iceland between 2000 and the onset of its financial crisis in October 2008. With the privatisation of the Icelandic banks being advantageous for investors, there was a large supply of cheap loan capital on the international market. A clause in the agreement with the European Economic Area stipulated the free flow of capital to and from Iceland.

The so-called outvasion led to the purchase of many foreign businesses, particularly in the retail sector. The British retailers Debenhams, Woolworths, Hamleys, and others came into full or part-Icelandic possession, in addition to the Danish companies Magasin du Nord and Royal Unibrew. Novator Partners acquired telecoms and other assets around Europe, including České Radiokomunikace, Elisa, Saunalahti, Bulgarian Telecommunications Company, P4 Spółka z o.o., Netia, and Forthnet.

The term "outvasion" was coined by the Icelandic media, who described the bankers as Vikings, and compared the rapid acquisition of many foreign businesses to a Viking invasion or raid, in both the possessions of the target being aggressively taken over.