Iceland crisis


British hold Icelandic payments
October 19, 2008, 1:24 am
Filed under: Uncategorized

FT tells about how the Brits are still holding money from Icelandic money, that are exporting products and getting paid through UK.

Iceland’s central bank yesterday attempted to get money flowing in and out of the country’s hobbled economy, routing all payments through its own accounts and blaming UK banks in particular for withholding funds from Icelandic -companies.

International money transfers have virtually stopped since its banking system collapsed last week, with flows between Iceland and the UK at a standstill. It has left Icelandic exporters starved of their foreign currency earnings and desperate for help.

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