Iceland Defies Creditor Backlash With Debt Relief: Nordic Credit

Posted 28/11/2013 - 13:58 by anrigaut

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2013-11-28 (All day)

Iceland’s government is preparing to unveil a proposal that will make it a world leader in providing debt relief to households even as creditors and economists warn the measures risk backfiring.
The 38-year-old premier has proposed paying for the measures by forcing write downs on krona-denominated claims totaling $3.6 billion, owned by the creditors of Iceland’s failed banks Kaupthing Bank hf, Glitnir Bank hf and Landsbanki Islands hf. ...