Something about to happen regarding the capital controls?
The Icelandic media is full of news of an apparently imminent exit tax though on what exactly is less clear. I’ve dealt with it before – it is a major difference if this will be solely on the ISK assets of the bank estates or if this will be, as the plan seems to be, on all capital movements in and out of Iceland. If an all-inclusive exit tax, there still needs to be some settlement regarding the ISK assets of the estates, notably Glitnir and Kaupthing.
In spite of optimistic words from minister of finance Bjarni Benediktsson on a plan before end of the year on lifting controls and a sentence in prime minister Sigmundur Davíð Gunnlaugsson’s speech at Progressive Party meeting on Saturday I still have the feeling not much is happening when it comes down to concrete, realistic on-paper decisions. My sense is that there is more legal writ-rattling among creditors as to possible court cases than there is plan-shuffling among Icelandic authorities.
I have wondered earlier that an exit tax might be the New Year crackers this year. But there is also an Icelandic tradition for giving summer presents on third Thursday of April every year. If nothing to fill the New Year crackers then perhaps something for a summer present when the days start to get longer in Iceland.
More on all of this in greater detail later.
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