måndag 6 juni 2011

Dagens bonuscitat

"The 'glacier bonds', mostly local currency deposits held in Iceland by foreigners, who, apparently impervious to the enormous exchange rate risk involved as well as to Iceland’s long history of high inflation and economic mismanagement, had borrowed at very low interest in yen or Swiss francs and bought Icelandic króna to be deposited in high-interest accounts plus government bonds in Iceland. These deposits are for the most part still locked up in Iceland. From the authorities’ point of view, the initial justification for controls still remains intact."

Þorvaldur Gylfason, professor i ekonomi vid Háskóli Íslands, i Vox EU om Islands valutarestriktioner.