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debt

Supreme Court of Iceland

Granddad Beats Bank, Guarantors Gleeful

People who have registered as guarantor on loans to people or businesses that later go bankrupt, can only be chased for the debt within two years, thanks to a Supreme Court judgement last week.

Keflavík

Indebted Town Calls on Government Help

Reykjanesbær council—one of Iceland’s most populous municipalities—may be about to take the unusual decision to ask the central government to take over its finances in an effort to get spiraling debt under control.