60-80% of businesses technically bankrupt

Morgunbladid today quotes Jon Steindor Valdimarsson from the Federation of Icelandic Industries saying that 60-80% of Icelandic businesses are technically bankrupt.

Most are seeing their equity disappearing because of price indexation and the currency fluctuations. Debts have risen massively because so many have borrowed in foreign currencies.

This number is based on feelings for the market rather than actual numbers but there is a real reason to be worried.

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