As usual, I am not entirely convinced by their analysis of central bank action (‘Luckily the bubble was not the Danes’ fault. See, the central bank had to impose negative interest rates to ‘defend the Krone’s peg to the euro’. The credit bubble was practically forced on them at gunpoint!’ Really?). But otherwise this a very sobering situation and the picture of the real estate price developments (reprinted below) looks very similar to that of the Netherlands and to some extent, Finland, but perhaps even more extreme.
One more country to worry about, it seems. And Danish banks do have significant holdings elsewhere in the Nordic countries, e.g. the Sampo bank in Finland.