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Iceland Cites Progress on Deal to Repay Losses
Per chi fosse interessato Uk e Paesi Bassi fanno progressi anche se mi sembra di capire che al momento nn sia ben chiaro cosa si sia mosso...dal wsj 7 ottobre ...
Iceland, the U.K. and the Netherlands are closer to agreeing to loan terms for Iceland to repay the massive losses by foreign depositors in the collapsed Icesave Internet bank, said Iceland Finance Minister Steingrímur Sigfússon.
"I feel there is a real will now to move ahead," said Mr. Sigfússon, after what he described as good meetings on the issue with his British and Dutch counterparts at the International Monetary Fund's annual meeting in Istanbul. He said the situation in the U.K. in particular had changed as the issue of lost Icelandic savings moved out of newspaper headlines there.
"We are all getting a little bit embarrassed by this -- the IMF program is constantly being delayed," said Mr. Sigfússon in an interview. The fund has pledged substantial aid to Iceland, but the Icesave dispute has slowed it down.
Mr. Sigfússon declined to discuss details of his talks with the Dutch and British finance ministers. But he said one sticking point remains that the U.K. and Netherlands want a guarantee they will have been paid back in full in 15 years.
A spokeswoman for Dutch Finance Minister Wouter Bos confirmed Mr. Bos had met with his Icelandic counterpart and that "things are moving ahead." A spokesman for the U.K. Treasury said negotiations were ongoing and declined to comment further.
Iceland's economy collapsed spectacularly last year, after the country's outsize banks, which had moved aggressively abroad in the preceding years, suddenly couldn't finance their borrowings. The government seized them.
One bank, Landsbanki Islands, had offered an Internet account called Icesave that offered high interest rates and took in more than $5 billion in deposits in the U.K. and the Netherlands.
Iceland's tiny deposit-insurance fund couldn't come close to covering the Icesave claims after Landsbanki collapsed, so the British and Dutch governments stepped in to pay their own citizens. The two countries are seeking the money back from Iceland
Per chi fosse interessato Uk e Paesi Bassi fanno progressi anche se mi sembra di capire che al momento nn sia ben chiaro cosa si sia mosso...dal wsj 7 ottobre ...
Iceland, the U.K. and the Netherlands are closer to agreeing to loan terms for Iceland to repay the massive losses by foreign depositors in the collapsed Icesave Internet bank, said Iceland Finance Minister Steingrímur Sigfússon.
"I feel there is a real will now to move ahead," said Mr. Sigfússon, after what he described as good meetings on the issue with his British and Dutch counterparts at the International Monetary Fund's annual meeting in Istanbul. He said the situation in the U.K. in particular had changed as the issue of lost Icelandic savings moved out of newspaper headlines there.
"We are all getting a little bit embarrassed by this -- the IMF program is constantly being delayed," said Mr. Sigfússon in an interview. The fund has pledged substantial aid to Iceland, but the Icesave dispute has slowed it down.
Mr. Sigfússon declined to discuss details of his talks with the Dutch and British finance ministers. But he said one sticking point remains that the U.K. and Netherlands want a guarantee they will have been paid back in full in 15 years.
A spokeswoman for Dutch Finance Minister Wouter Bos confirmed Mr. Bos had met with his Icelandic counterpart and that "things are moving ahead." A spokesman for the U.K. Treasury said negotiations were ongoing and declined to comment further.
Iceland's economy collapsed spectacularly last year, after the country's outsize banks, which had moved aggressively abroad in the preceding years, suddenly couldn't finance their borrowings. The government seized them.
One bank, Landsbanki Islands, had offered an Internet account called Icesave that offered high interest rates and took in more than $5 billion in deposits in the U.K. and the Netherlands.
Iceland's tiny deposit-insurance fund couldn't come close to covering the Icesave claims after Landsbanki collapsed, so the British and Dutch governments stepped in to pay their own citizens. The two countries are seeking the money back from Iceland