Defrosting the myths
EXCHANGE OPINION
A global emerging markets crisis triggered by a tiny island at the Arctic Circle? An economy half the size of Luxembourg forcing the end of the carry trade? Really? Well, it certainly makes a good story, and has been eagerly reported as such in the media.
Even some British tabloids noted the recent 75 basis points rate hike by the Icelandic central bank, while the more high-brow financial press could not resist suggesting that the Icelandic 'crash' was affecting FX markets around the world
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