Introduction

The year so far has been something of an annus horribilis for Iceland. With fears over the prospects of its three largest banks - Glitnir, Kaupthing and Landsbanki - the value of the Icelandic krona plummeted, and government intervention to address the issue had limited impact.

At the end of March, five-year credit default swaps for Kaupthing had risen to 1,139.7 basis points, while equivalent protection for Glitnir and Landsbanki cost 1,026.6bp and 850bp. The banks have fallen victim to their ag

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