From Iceland — One Fourth of Icelandic Homes Need Assistance

One Fourth of Icelandic Homes Need Assistance

Published April 14, 2010

According to a new study conducted by the Central Bank, one fourth of Icelandic homes are in need of special financial assistance.
RÚV reports that young people, young parents, and those who have taken out loans are more likely than others to have trouble making ends meet. In total, 23% of Icelandic homes – about 24,000 households – are in some sort of financial trouble.
Þorvarður Tjörvi Ólafsson, an economist at the Central Bank, says that the solutions offered by the government thus far have managed to get about five thousand homes out of serious trouble. Those 24,000 still in need of help then obviously need additional assistance.
Among the recommendations given are a combination of debt amnesty, temporary interest-free repayments, and a lowering of loan fees.

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