Introduction
The year so far has been something of an annus horribilis for Iceland. With fears over the prospects of its three largest banks - Glitnir, Kaupthing and Landsbanki - the value of the Icelandic krona plummeted, and government intervention to address the issue had limited impact.
At the end of March, five-year credit default swaps for Kaupthing had risen to 1,139.7 basis points, while equivalent protection for Glitnir and Landsbanki cost 1,026.6bp and 850bp. The banks have fallen victim to their
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