The Icesave ruling: In the cooler

Posted: February 1, 2013 in economy
Tags: , ,

UK Only Article: 
standard article

Issue: 

The next supermodel

Fly Title: 

The Icesave ruling

Rubric: 

A court ruling over an Icelandic bank is a blow to global banking

Main image: 

Not all Icelandic flows are controversial

Not all Icelandic flows are controversial

“GORDON BROWN will be long remembered in my country for centuries to come, long after he has been completely forgotten in Britain.” The bitterness still voiced by Olafur Ragnar Grimsson, Iceland’s president, at the 2008 decision by Britain’s former prime minister to invoke anti-terrorism laws to freeze the assets of a failed Icelandic bank was chilly even for Davos. A January 28th ruling by a little-known European court may have warmed Mr Grimsson’s heart a little.
The ruling, delivered in Luxembourg by the European Free-Trade Association Court, dealt with the collapse of Icesave, an online subsidiary of Iceland’s Landsbanki. Before the crisis Icesave had used a European “passport” to open branches abroad and collected deposits …

via Economic Crisis http://www.economist.com/news/finance-and-economics/21571184-court-ruling-over-icelandic-bank-blow-global-banking-cooler?fsrc=rss

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s