{
  "title": "Iceland: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland",
  "publication": "IMF Staff Country Reports, November 25, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/iceland-request-for-stand-by-arrangement-staff-report-staff-supplement-press-release-on-the-22513",
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  "summary": "This paper examines key findings of Iceland’s Request for a Stand-By Arrangement from the IMF. Iceland’s economy is in the midst of a banking crisis of extraordinary proportions that is expected to lead to a deep recession, a sharp rise in the fiscal deficit, and a dramatic surge in public sector de",
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      "heading": "Summary findings",
      "content": "- Iceland’s economy is in the midst of a banking crisis of extraordinary proportions.\n- The crisis is expected to lead to:\n  - a deep recession,\n  - a sharp rise in the fiscal deficit,\n  - a dramatic surge in public sector debt, reflecting a high fiscal cost of restructuring the banking system.\n- The virtual collapse of the on-shore foreign exchange market poses a serious and immediate risk to the economy given its high import dependence."
    },
    {
      "heading": "Key subject areas and keywords",
      "content": "- Subjects: Balance of payments, Bank resolution, Banking, Commercial banks, Credit, Current account, External debt, Financial crises, Financial institutions, Foreign exchange.\n- Keywords: Bank resolution, banking sector strategy, Commercial banks, CR, Current account, fiscal consolidation policy, fund, Global, government of Iceland, Iceland, ISCR, monetary policy environment, policy, SDR, sound banking system strategy.\n\n---\n\n Content in this bundle\n\n- cr08362\n  - cr08362 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr08362 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 25, 2008",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451819373.002",
    "Iceland’s economy is in the midst of a banking crisis of extraordinary proportions.",
    "The crisis is expected to lead to:",
    "The virtual collapse of the on-shore foreign exchange market poses a serious and immediate risk to the economy given its high import dependence.",
    "Subjects: Balance of payments, Bank resolution, Banking, Commercial banks, Credit, Current account, External debt, Financial crises, Financial institutions, Foreign exchange.",
    "Keywords: Bank resolution, banking sector strategy, Commercial banks, CR, Current account, fiscal consolidation policy, fund, Global, government of Iceland, Iceland, ISCR, monetary policy environment, policy, SDR, sound banking system strategy.",
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