Iceland Lacks Currency for Easy Exit of Krona Creditors
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Iceland doesn’t have enough foreign exchange to allow the creditors of failed Kaupthing Bank hf, Glitnir Bank hf and Landsbanki Islands hf to swap their kronur assets, central bank Governor Mar Gudmundsson said.
It’s “clear” that Iceland doesn’t have the means to exchange as much as 450 billion kronur ($3.8 billion) into foreign exchange, Gudmundsson said in a report published on the bank’s website today.