Icelandic news translated into English

November 3, 2008

Uncertain that the loans will be fully used

Filed under: economy — newsfrettir @ 5:49 pm

From protests this weekend - Photo Golli
It is uncertain that all the loans that are possibly coming from the IMF and forreign Central Banks, around six billion US dollars, will be used in full. This is what Gylfi Magnússon, reader in economics at the University of Iceland.

He reasons this in this way: “[The loan] is more thought of as support or as a back end to the króna market and if men are using it solely in that manner, but not to pay debts or pay for import, then it will not deplete the money and we can simply return the money when things calm down again.” says Gylfi.

He says the loans are for this reason not so inflictive if they are used in this way.

The loans could also be though of as loan authorization, “which men have and can use. If they dont have to use them, there will be little cost and no problems paying them back, becouse they wont be strained,” says Gylfi.

(News Article by *Golli*)
Original Article in Icelandic

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