IMF Staff Country Reports

Iceland: 2010 Article IV Consultation and Third Review under Stand-By Arrangement and Request for Modification of Performance Criteria-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland.

October 4, 2010

Download PDF

Preview Citation

Format: Chicago

Iceland: 2010 Article IV Consultation and Third Review under Stand-By Arrangement and Request for Modification of Performance Criteria-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland., (USA: International Monetary Fund, 2010) accessed November 25, 2024

Summary

Iceland’s gross external debt rose above 600 percent of GDP, while households and corporations accumulated heavy debt burdens with large exposures to foreign exchange and inflation risk. The global banking crisis exposed Iceland’s vulnerabilities, triggering a balance-of-payments crisis, a collapse of the exchange rate and output, and the failure of financial and many nonfinancial firms. The importance of accelerating the restructuring of banks’ operations and balance sheets and also policy frameworks has been stressed. The downward trend in inflation is welcomed.

Subject: Banking, Budget planning and preparation, External debt, Financial institutions, Foreign exchange, Loans, Public debt, Public financial management (PFM)

Keywords: Amount, Budget planning and preparation, Capital requirement, CR, Global, Indexed loan contract, ISCR, Krona interest rates, Loans, Monetary policy development, Upfront cash payment

Publication Details

  • Pages:

    99

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2010/305

  • Stock No:

    1ISLEA2010004

  • ISBN:

    9781455208555

  • ISSN:

    1934-7685

You May Also Be Interested In...

2024 Review Of The Fund’s Transparency Policy And Open Archives Policy—Background Paper 3 On Key Concepts And Supportive Analysis

November 25, 2024

Morocco: Second Review Under The Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Morocco

November 25, 2024

Tonga: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tonga

November 25, 2024

Bilateral Trade in Services and Exchange Rates: Evidence of Dominant Currency Pricing

November 22, 2024