EMTA SPECIAL SEMINAR: ICELAND'S SELECTIVE DEFAULT?
Wednesday, June 29, 2016
360 Madison Avenue, 17th Floor
(on 45th St. between Madison and 5th Aves.)
New York City
In recently passed legislation, Iceland has codified specific restrictions on particular króna-denominated assets, an unconventional decision that has alarmed members of the international financial community. The country has presented the holders of “offshore króna assets” – certain króna-denominated assets, such as deposits held by foreign retail and institutional investors – with a Catch-22 scenario: participate in a Central Bank of Iceland auction with unfavorable terms, or have their assets placed into locked, non-interest-bearing accounts.
This maneuver is drawing comparisons to “selective defaults”, like that of Argentina. Broadly framed within Iceland’s economic turnaround, the decision to segregate particular assets – and consequently, impact only certain asset holders – fits into a broader discussion around the challenges of both lifting capital controls and navigating relationships with international investors.
11:45 a.m. Registration
12:00 noon – 2:00 p.m. Panel Discussion
James Glassman (American Enterprise Institute) – Moderator
Arturo Porzecanski (American University)
Lee Buchheit (Cleary Gottlieb Steen & Hamilton)
Magnus Arni Skulason (Reykjavik Economics)
Lunch will be provided
Registration fee for EMTA Members: US$95 / US$695 for non-members / Credential Media Complimentary