Iceland thumbs nose at international opposition to advance $1.2bn debt relief plan [1]

A general view of houses in the town of Vik in southern Iceland.
(Reuters/ Ingolfur Juliusson)

 

Iceland’s government has announced that it will be writing off up to 24,000 euros ($32,600) of every household’s mortgage, fulfilling its election promise, despite overwhelming criticism from international financial institutions.

International organizations have confronted the idea with criticism. The International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) have advised against it, citing economic concerns.
 

More: RT.com [2]