Iceland is considering forcing creditors in the nation’s failed banks to resolve their claims faster as Prime Minister Sigmundur David Gunnlaugsson says he’s looking into passing laws to speed up a settlement.
When Iceland’s banks failed in 2008 under $85 billion of debt, dozens of hedge funds flocked to the island betting they could make money buying up creditor claims. Five years later, they’re still waiting.
Iceland Finance Minister Bjarni Benediktsson said his country hasn’t yet decided whether it can commit to an election pledge to drop its European Union accession bid as it awaits the findings of a report.
The party ousted from government in 2009 after presiding over Iceland’s financial meltdown emerged as the biggest winner in the weekend’s parliamentary elections as talks start to form a ruling coalition.
The U.S. Supreme Court agreed to consider whether companies and employees must pay Social Security taxes on severance compensation, accepting a case that may force the Treasury to give billions of dollars in refunds.