“Especially since the second half of last year when the Icelandic krona fell, this has been a serious problem as 90 percent of these debts are in foreign currencies. Debt went from ISK 300 billion (€1.7 billion/$2.5 billion) to ISK 500 billion (€2.9 billion/$4.1 billion) within the space of 2008,” he told Fishing News International.
“The reverberations from those two weeks in October are still being felt,” he said, referring to the time during which all three major banks were on the point of collapse.
The
