Iceland Faces Legal Battle as U.S. Funds Balk at Krona Discount

  • Iceland met tepid demand in auction forcing 38% haircut
  • U.S. funds file complaint to EFTA Surveillance Authority

U.S. funds holding billions in offshore kronur filed a complaint against Iceland for forcing them to accept a currency discount of almost 40 percent as a condition to let the investors exit the nation’s capital controls.

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