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Iceland’s Krona slumps on rating downgrades

Posted on 03 October 2008

From Bloomberg: Iceland’s krona tumbled to the lowest level against the dollar since at least 1992 as bank bailouts and debt-rating downgrades this week by Standard & Poor’s and Fitch Ratings spurred investors to dump the currency.

The krona plunged 22 percent this week after the island nation’s government said Sept. 29 it will purchase a 75 percent stake in 104-year-old Glitnir Bank hf after the firm’s short-term funding dried up. The currency fell for a sixth day versus the dollar, its longest run of declines since June 16. …. Full Article: Source


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