Iceland: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism

International Monetary Fund

No 2009/052, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper describes the Stand-By Arrangement for Iceland under the Emergency Financing Mechanism. The crisis is producing a sharp contraction of economic activity. Indicators of consumption are plummeting, and the deterioration in the labor market is accelerating, with rising unemployment and falling real wages contributing to a considerable contraction in real incomes. Significant import compression is under way, allowing a sustained turnaround in the trade balance, as exports continue to benefit from a weaker króna. The króna interbank market is inactive, and equity markets remain under pressure with trade being thin.

Keywords: ISCR; CR; amount; bank; debt; Iceland; central bank; króna; exchange rate; bank asset valuation methodology; bank recapitalization timetable; bank restructuring committee; short-term debt; debt management; Loans (search for similar items in EconPapers)
Pages: 21
Date: 2009-02-11
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