Iceland Girds for Fight as Suit Targets Half $14 Billion GDP
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Iceland’s guarantee fund is bracing itself for a battle it says may last years after the U.K. and the Netherlands brought new lawsuits over depositor claims equivalent to almost half the island’s gross domestic product.
“It may take one or two years to resolve this matter,” Gudrun Thorleifsdottir, chairman of the depositor guarantee fund in Reykjavik said today by phone. “It’s absolutely clear that this case will go to the Supreme Court, which means that in a best-case scenario there may be an outcome next year.”