Luxemborg "Baffled" By Lack of Information About Icelandic Banks - The Reykjavik Grapevine

Luxemborg “Baffled” By Lack of Information About Icelandic Banks

Published March 4, 2009

A source who wished to remain anonymous told Morgunblaðið that the
financial center of Luxemborg was baffled that they hadn’t been warned
of the impending collapse of Iceland’s banks.
“We were perplexed to read on the net that Davíð Oddsson said he’d warned in February 2008 that the banks would collapse in the fall. We received no such information to that effect.”
While the source couldn’t say how financial authorities in Luxemborg would have reacted had they been warned of an impending crisis, the source did say that, “We could have protected the investments of our clients” and put the brakes on how much money the banks’ sister companies could have withdrawn. They could also have put tighter controls on how much these banks lended to others.
(Photo credit.)

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