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Iceland trade unions urged to bolster liquidity

Iceland’s trade unions are being urged to repatriate foreign assets to shore up extra funding for the country’s financial system.

Pension funds are being asked to repatriate foreign assets as the Central Bank looks to strengthen foreign exchange reserves.

Last week, the Icelandic government nationalised the country’s third largest bank, Glitnir, sending the local Krona currency into freefall and leading many rating agencies to slash the country’s credit ratings.

Market speculation is heightening today over a possible billion euro bailout by the government but some analysts have expressed concern that such action would be insufficient to alleviate further turmoil in the country.

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