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Iceland May Let Bank Creditors Take 60% Of Their Money Elsewhere

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Last month, rumors flew that Iceland might relax its six-year-old capital controls for the low, low price of a 35% exit tax. This did not sit well with creditors of the banks whose bailout led to the capital controls in the first place. After further careful consideration, Iceland has decided that maybe it doesn’t really care how it sits with them.

Representatives from Iceland’s government, central bank and parliament discussed imposing a tax as high as 40 percent on investors exiting the island, according to two people close to the talks….

The discussions took place yesterday, on the eve of scheduled talks with creditors in Iceland’s failed banks. To enable a settlement, Iceland must scale back capital controls that have been protecting the krona since the country’s biggest banks defaulted on $85 billion six years ago.

Iceland Said to Discuss 25-40% Exit Tax Amid Creditor Talks [Bloomberg]


The Anti-Greece Also Wants To Be The Anti-Argentina

Iceland is giving hedge funds a piece of its mind.

Brian Katt at the English language Wikipedia [GFDL, CC-BY-SA-3.0 or GFDL], via Wikimedia Commons

Bank Getting $2.7 Billion Tax Cut To Charge Poor Customers $12 A Month For Privilege Of Entrusting It With Their Negligible Money

But they can walk up to a BofA teller as much as they want, presuming they are willing to drive long enough to find one.