Iceland threatens ‘bear trap’ intervention against hedge funds
Wednesday, April 2, 2008 : PermalinkCNN Money- Iceland is prepared to order direct intervention in the currency and stock markets in an attempt to punish international hedge funds that it claims are attacking its financial system, said Prime Minister Geir Haarde.
‘We would like to see these people off our backs and we are considering all the options available,’ Haarde said in an interview with the Financial Times.
He declined to be specific, saying ‘a bear trap needs to be a surprise’.
Action is needed because the country’s financial system and currency are being unfairly and perhaps illegally weakened by hedge funds ‘who just want to make a profit by hook or by crook’, he added.
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