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Iceland: Central Bank Eases Currency Restrictions, Ends Financial Crisis Capital Controls

(May 16, 2017) On March 12, 2017, the Icelandic Central Bank announced that it had adopted new currency exchange rules and entered into agreements to purchase Icelandic krónur from foreign holders. (Central Bank of Iceland Concludes Agreement with Owners of Offshore Króna Assets, ICELANDIC CENTRAL BANK (Mar. 12, 2017); New Rules on Foreign Exchange, ICELANDIC CENTRAL […]

Iceland: Supreme Court Convicts Bankers in Market Manipulation and Fraud Case

(Nov. 10, 2016) On October 6, 2016, the Icelandic Supreme Court handed down a judgment in the Kaupthing case, in which nine bank officials were convicted of fraud and market manipulation in connection with the Icelandic banking crisis of 2008 when the Kaupthing bank bought its own stock in order to keep its value artificially […]

Greece: New Bill to Abolish Tax Breaks for Members of Parliament, Introduce Salary Cuts for Ministers

(Aug. 14, 2015) On August 11, 2015, the Greek government discussed legislation that would abolish tax breaks for Members of Parliament and institute salary cuts for Ministers, heads of public administrations, and heads of independent administrative authorities. (The Draft Bill on Abolishing Tax Breaks for Lawmakers, INTELLIGENT-NEWS.COM (Aug. 11, 2015).) The legislation is part of […]

Iceland: Easing of Capital Controls and Banking Regulations

(July 16, 2015) On July 3, 2015, the Icelandic Parliament (Althingi) passed legislation (The Act on a Stability Levy) to ease capital controls and bank regulation in the country, provided certain conditions are met. The regulations were set in place following the 2008 banking crash in the country. (Press Release, Legislation on Stability Levy Adopted […]