It's getting chilly in Iceland…. recession card played

Iceland has seen the Icelandic Krona get pummelled recently, on the currency markets one trader said that they could not get into any forward market, there were spot transactions available only, the currency dropped over a third. They suspended trading last Thursday after Kaupthing Bank followed its peers (Landsbanki & Glitnir) into domestic ownership. The Icelandic government were waiting for an answer from other Nordic banks about help but that didn’t come and in the end the Russians were drafted in bringing €4 billion with them.

Landsbanki operated the popular ‘Icesave‘ account, when going into receivership UK depositors were told they would only get the guaranteed amount of £50,000 but the

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It’s getting chilly in Iceland…. recession card played

Iceland has seen the Icelandic Krona get pummelled recently, on the currency markets one trader said that they could not get into any forward market, there were spot transactions available only, the currency dropped over a third. They suspended trading last Thursday after Kaupthing Bank followed its peers (Landsbanki & Glitnir) into domestic ownership. The Icelandic government were waiting for an answer from other Nordic banks about help but that didn’t come and in the end the Russians were drafted in bringing €4 billion with them.

Landsbanki operated the popular ‘Icesave‘ account, when going into receivership UK depositors were told they would only get the guaranteed amount of £50,000 but the

Read More