Global Insider: The Icesave Crisis

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Earlier this month, voters in Iceland rejected for the second time a referendum that would have implemented a plan to repay the U.K. and the Netherlands for losses stemming from the collapse of Iceland’s banking industry. In an email interview, Fridrik Mar Baldursson, professor of economics at the Reykjavik University School of Business, discussed the Icesave crisis. WPR: What is the background of the Icesave crisis? Fridrik Mar Baldursson: Before the financial crisis, foreign branches of Landsbanki, one of Iceland’s failed banks, collected deposits in Internet savings accounts in the U.K. and the Netherlands marketed under the “Icesave” brand. When […]

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