Love letters from Iceland: accountability of the Eurosystem

Sibert, Anne (2010) Love letters from Iceland: accountability of the Eurosystem. Vox ,

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Official URL: http://www.voxeu.org/article/love-letters-iceland-...

Abstract

Investigation of Iceland's meltdown has revealed dodgy behaviours ranging from neglect to criminal fraud. This column describes how Icelandic banks issued “love letters” to each other – swapping their debt securities and using the other bank’s debt as collateral. This ruse ensnared not just the Icelandic Central Bank, but also the ECB – a fact that has only recently come to light. The ECB's lack of transparency on this is a serious problem.

Metadata

Item Type:	Article
School:	Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
Depositing User:	Sarah Hall
Date Deposited:	06 May 2014 08:49
Last Modified:	02 Aug 2023 17:10
URI:	https://eprints.bbk.ac.uk/id/eprint/9667

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