Advertisement

Business Briefing / Financial Crisis

Iceland to repay borrowed funds

August 29, 2009|TIMES WIRE REPORTS

Iceland's parliament passed a bill to repay Britain and the Netherlands the $5.7 billion borrowed to compensate savers in those countries who lost funds in the collapse of an Icelandic Internet bank last year.

Under the measure, Iceland will repay the money over a nine-year period beginning in 2016. Iceland must settle claims over the failure of the bank before it can receive $4.6 billion in promised bailout funds from the International Monetary Fund and Nordic countries.

Advertisement
Los Angeles Times Articles
|
|
|