Word: krona
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...downturn is playing havoc with Eastern Europe's currencies. Since last summer, the Polish zloty has lost 48% against Europe's common currency the euro, the Hungarian forint 30% and the Czech Krona 23%. That makes euro-denominated debt, which has risen dramatically anyway in the past few years, much harder to pay back. In Poland, foreign currency debt held by households has tripled in three years to 12% of the GDP last year, with some 70% of mortgages taken in foreign currencies. In Hungary, foreign currency loans make up 62% of all household debt, up from 33% three years...
...Polish zloty. The euro has found some other unexpected converts too, thanks to the financial crisis. The Danes voted against joining the euro zone in 2000, but they are set to hold another referendum in March. Iceland - not even an E.U. member - is pondering "unilateral euroization" after seeing its krona plunge nearly 80% against the euro in September and October...
...nation's electricity, a slice worth roughly $120 million. In recent years, as Icelanders became smitten with the idea that their ambitious banks could create a global financial center in the far north Atlantic, geothermal power got pushed out of the spotlight. But now, with the krona down 44% against the dollar compared to a year ago and most of Iceland's banks close to bankruptcy, this nation of 313,000 is taking another look at the incredible resource boiling away underfoot...
...banks, Glitnir, Landsbanki, and Kaupthing, all of which grew at impressive rates following their deregulation in 2000. Much of the borrowing for these banks and Icelandic society more generally came from the continent, where rates were especially low. The money would then be converted into the local currency, the krona, and invested for a higher return in real estate and business both in and beyond Iceland. The result is what economists call “carry trade”—currency arbitrage and speculative investment highly susceptible to liquidity crises. Whereas banking sector assets accounted for 96 percent...
Iceland Cometh. The value of Iceland's krona has melted a bit. But if you have any cash left, there's a special being offered by IcelandAir. A round-trip ticket from Boston or New York to Reykjavik (a four-hour flight), plus three nights at the Hilton Reykjavik Nordica, Scandinanivan breakfast buffet included, costs $549. Book by Oct. 21 for travel through November...