Icesave: the end-game?
The Dutch government has just announced that a new Icesave-deal has been finalised. The interests on the loan to the Dutch will be 3% and 3,3% to the UK, reflecting the interest rates in the Eurozone vs the UK. The Icelandic government will have a press conference at 6pm GMT today.
There will be those who say that this is a huge victory for Iceland since the interest rates in the previous deal was 5,5%. However, the fact that it’s 2 years since the UK and the Dutch paid the Icesave deposit-holders and that this matter has been harmful to Icelandic businesses abroad the cost of waiting is probably high though difficult to calculate.
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The big question is now, how much the icelandic state really has to pay. And how much money has been found in the ruins of Landsbanki.
Chris
9 Dec 10 at 8:36 pm