Icesave

We, at the Browning Homes Group, had a great time at the Icelandic Þorrablót (mid-winter festival) thrown by the Icelandic Association of Washington D.C. this year. The night started with traditional Brennivin (Icelandic Schnapps) and rotten shark meat. This was followed by a buffet of traditional icelandic foods, such as boiled sheep's head (svið) and congealed sheep´s blood wrapped in a ram´s stomach (blóðmör), followed by Icelandic pancakes (pönnukökur). All of the food was cooked by...Read Full Story

28 January 2013 Last updated at 07:36 ET 400,000 British and Dutch depositors were initially left out of pocket when Icesave collapsed A European court has cleared the Icelandic government of failing to guarantee minimum levels of compensation for UK and Dutch savers in the collapsed Icesave bank. Icesave, run by the Icelandic Landsbanki, collapsed in 2008 along with all of Iceland's banking system. The UK and Dutch savers were bailed out completely by their governments. The ruling may halt...Read Full Story

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Iceland has won a major victory in a European court. The nation’s economy collapsed in 2008, and its banking system went down with it. Today a European court upheld Iceland’s decision to refuse to cover foreign deposits from the U.K. and the Netherlands. The depositors had put over $10 billion in Icesave, an online branch of an Icelandic bank that went bankrupt. The International Monetary Fund estimates that if Iceland had lost the case, it could have been held liable for up to $2.6 billion...Read Full Story

REYKJAVIK (Reuters) - Iceland's center-right Progressive and Independence parties agreed on a coalition government on Wednesday and said they would freeze talks on entering the European Union until a referendum on whether or not to continue the process. Both parties made big gains in elections last month where voters, fed up with years of austerity and rising debts, handed the incumbent Social Democrats the worst defeat of any ruling party since independence from Denmark in 1944. As...Read Full Story