“Icelanders representing about one-third of the workforce are demanding pay rises as high as 50 percent in some industries, threatening to cripple the island’s recovery just as policy makers move closer to removing capital controls. The development is unsettling some of the island’s biggest businesses, who say industries will struggle to turn a profit. Meanwhile, Iceland is struggling to unwind capital controls in place since its biggest banks defaulted on $85 billion in debt almost seven years ago. The central bank on May 13 warned that wage increases could jeopardize the process, which the government had hoped to push forward this year.”
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