Posted on 10/20/2008 12:31:35 PM PDT by george76
Iceland is set to receive a $6-billion (U.S.) IMF-led rescue package soon, Britain's Financial Times reported on Monday, as the crisis that has derailed the country's banking system showed no sign of letting up.
Iceland's central bank reported nagging problems with payments from abroad to its banks and said it had called on some other central banks to help it fix the situation.
The crisis-hit island, aiming to resuscitate trade in its currency and rebuild its financial system, has been in talks with the International Monetary Fund for days and markets have been waiting for word of a rescue package any day.
The Financial Times said on its Web site the IMF is expected to contribute just over $1-billion as part of a $6-billion deal with central banks from the Nordic region and Japan. The FT cited people familiar with talks between Iceland and the IMF.
It was not known whether Russia, which has been in talks with Iceland over a loan, would take part in the plan.
A first round of negotiations with Russia finished last week without a loan deal. Iceland did, however, tap the central banks of Denmark and Norway for €200-million each based on a swap facility previously set up with Nordic central banks.
A spokeswoman for the Swedish central bank said Iceland had contacted it in recent days about drawing on the facility – which allows for as much as €500-million from each central bank – but the Riksbank wanted to hold off a while.
(Excerpt) Read more at reportonbusiness.com ...
the IMF is not insisting on the privatisation of Iceland’s huge Housing Financing Fund, a state-backed mortgage lender... The Icelandic krona will be floated again as soon as practical.
http://www.ft.com/cms/s/0/7b83b114-9e9f-11dd-98bd-000077b07658.html?nclick_check=1
Thanks geo. Have a great rest of the day, all!
I think we should buy Iceland. I even have a new state slogan: “Like Hawaii — only colder”.
LOL!!!!
Both have volcanoes. Hawaii has Kilauwea & Mauna Loa. What are Iceland's? Kill-a-whale and Mona Lisa?
I like it!.................
Why doesn’t Warren Buffet just buy them ?
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