Creditors Face $5 Billion Tax As Iceland Unveils Stability Tax

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Mani
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Following Iceland recently unveiling legislation to unwind capital controls, creditors including hedge funds could be facing a one-time stability tax of 39%. Several funds flocked to Iceland after its 2008 collapse, snapping up distressed banking assets following the $85 billion default of the island’s three largest lenders. Iceland’s legislation to unwind capital controls As reported by ValueWalk, Iceland’s prime minister Sigmundur Davio Gunnlaugsson and finance minister Bjarni Benediktsson announced a plan to ease capital controls on Monday, which marks a huge step in the financial rehabilitation of the country. The announcement came almost 7 years after the capital controls were introduced…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports