“U.S. hedge funds aren’t the only ones trying to exit Iceland. Its own citizens may follow if the government doesn’t show it can lift capital controls in place since 2008 without triggering a currency sell-off, according to Iceland’s biggest insurance firm. Iceland has yet to test the staying power of its economic recovery. Capital controls, imposed at the end of 2008 after the island’s three biggest banks defaulted on $85 billion, have so far stopped offshore investors selling $7.2 billion in assets, equivalent to half the nation’s gross domestic product. Hedge funds bought claims on the banks’ assets at prices well below face value. Five years later they’re still waiting to cash in.”
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