Iceland slashes cod quotas
July 7, 2007 @ 12:44 PM (EST)
Source: Iol.co.za
The Icelandic government said on Friday it would cut cod fishing quotas by 30 percent - a move expected to dampen economic growth - to replenish dangerously low fish stocks.
Slashing the quotas is expected to hit Icelandic exports, about half of which consist of fish products, and ease inflationary pressures in the economy, whose high interest rates have attracted speculative investment.
The cuts are deeper than a prediction made only on Thursday, when the Icelandic central bank said it expected fishing quotas to be reduced by 17 percent...
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