Word: bankses
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She has a point. Prior to the 2006 crisis, analysts warned that Iceland - where Land Rovers and private jets seem to outnumber the nation's 308,000 people - was growing too quickly, and that excessive consumption would cause the economy to overheat. Yet the nation's three largest commercial banks...
To restore investor confidence, Icelandic banks and government officials have emphasized their economy's unflagging strengths in a charm offensive directed at ratings agencies and investors. Iceland is the fifth richest country in the oecd; the prices of its largest exports, aluminum and fish, are at record highs. "The Icelanders...
Edda Rós Karlsdóttir, a senior director at Landsbanki, says Iceland's peculiar macroeconomic conditions pose the biggest challenge to maintaining investor confidence. With so few potential depositors at home, the nation's banks have little choice but to raise capital abroad. Furthermore, the size of Iceland...
The banks flatly dismiss the notion that the central bank will need to bail out the system. "That's just unthinkable," says Ásgeir Jónsson, chief economist at Kaupthing, Iceland's largest bank. Following the 2006 crisis, banks greatly strengthened their liquidity positions and shifted their liabilities further...
Despite these strong fundamentals, Iceland has undoubtedly lost some steam - and importers feel it the worst. Úlfar Steindórsson, CEO of Toyota Iceland, says that the depreciated krona raised the price of imported cars by 25% in just a matter of weeks, bringing his booming sales to a...