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2013-07-27 — irishtimes.com
Rating agency Standard & Poor's yesterday added its voice to a chorus of warnings against a pledge by Iceland's new government to write off as much as 20 per cent of all its citizens' mortgage debt, announcing that it had revised downwards its outlook for the country from stable to negative.
...
The promise of debt relief was the main campaign pledge of the Progressive party and the Independence party, who went on to form a coalition after the election. They focused on inflation-linked loans, payments on which soared following the country's deep financial crisis owing to a 36 per cent depreciation of the currency.
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