In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bankrupt iceland’

Is it really a “Europe of the banks”

Posted by seumasach on December 19, 2011

Cailean Bochanan

19th December, 2011

On a day when one of Britain’s last surviving europhiles, Iain MacWhirter, referred to the eurozone as an “economic suicide pact”, I feel the need to return again to the question of Britain and Europe and , specifically, the state of opinion in this country on the issue.

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InDefence Press Release- Iceland Intends to Pay Icesave at Reasonable Terms

Posted by seumasach on January 6, 2010

Click here to read petition

4th January 2010                  INDEFENCE





There has been considerable confusion in the international media about the

implications of a refusal from the Icelandic President to sign a legislative bill that

introduces new terms to the so-called Icesave agreement. Some journalists have

reported that Iceland would thereby refuse to pay the British and Dutch governments

the €3.91 billion needed to settle the dispute. This is factually incorrect.

Rather, a refusal to sign the new legislation would have the following implications.

The government could either face a national referendum on the legislation or

withdraw it. If the new legislation is either rejected in a referendum or withdrawn by

the government, then previous legislation from August 2009 would remain in force.

This older legislative bill outlines Iceland’s reluctant agreement to cover the payment

of the €3.91 billion needed to settle the Icesave dispute and sets out payment

conditions that would protect the Icelandic state from bankruptcy.

It is also important to point out that the Icesave dispute is between the governments of

Iceland, the United Kingdom and the Netherlands, not between Iceland and British

and Dutch private Icesave account holders (as some journalists seem to think).

Icesave account holders have already been paid well beyond the stated EU minimum

guarantee of €20,887 by their respective governments. The reluctance of Icelanders to

compensate the British and Dutch governments has two primary causes:

1. The unclear legal basis of the claims under the relevant EU directive and reluctance

of the British and Dutch governments to have them clarified by the European Court of


2. The draconian nature of the proposed Icesave settlement and the preceding

aggressive use of anti-terrorism legislation against Iceland by the British government.

And the feeling that larger and more powerful European nations would have been

treated in a very different manner.


For further information, please contact:

Magnús Árni Skúlason, mobile +354-8220401,

Eiríkur S. Svavarsson, mobile +354-8978087,

Jóhannes Þ. Skúlason, mobile: +354-664-8334

Posted in Revolution in Iceland | Tagged: , | 1 Comment »

McDonald’s pulls out of Iceland

Posted by smeddum on October 27, 2009

McDonald’s pulls out of Iceland



McDonald’s is seen as a part of most developed economies
McDonald’s is to close its business in Iceland because the country’s financial crisis has made it too expensive to operate its franchise. Read the rest of this entry »

Posted in Financial crisis, Revolution in Iceland | Tagged: , | Leave a Comment »

Iceland Political Leader Calls For Debt Moratorium As Government Crumbles

Posted by seumasach on October 8, 2009

Webster Tarpley
7th October, 2009
A leading member of the Icelandic parliament called Monday night for the country to declare a debt moratorium and stop attempting to pay the $6 billion which the British and Netherlands governments are seeking to extort from Iceland with the help of the International Monetary Fund and the European Commission in Brussels. This dramatic call was issued by Birgitta Jónsdóttir, the chairman of the parliamentary faction of The Movement in the Icelandic parliament, the Althing. Birgitta Jónsdóttir was speaking during a special session of the Althing called to address the rapidly deteriorating economic and financial position of Iceland, one year after the collapse of the three hot-money offshore banks, Landsbanki, Kaupthing, and Glitnir.In her remarks, Birgitta Jónsdóttir observed that Iceland is already technically bankrupt, and ought to cease payment. She also pointed to the hostility to Iceland of the IMF and EU. The current prime minister, Jóhanna Sigurðardóttir, who leads a moribund coalition of Social Democrats and Left Greens, had attempted to justify her policy of financial appeasement of the British and Dutch. London and The Hague are demanding $6 billion in restitution for losses incurred by private Icelandic bankers operating in their countries as Icesave, even though the Icelandic government had never guaranteed these operations, and even though British and Dutch regulators were deeply implicated in the Icesave debacle, which came in the wake of the Lehman Brothers bankruptcy. Read the rest of this entry »

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Iceland Discusses Rejecting IMF Loans

Posted by seumasach on October 7, 2009

Iceland Review

7th October, 2009

It appears as if a cross-political majority is forming in the Icelandic parliament, Althingi, on reconsidering Iceland’s relations with the International Monetary Fund (IMF). Chairman of the Independence Party Bjarni Benediktsson doubts that it is in Iceland’s best interest to accept further loans.

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As household debt shoots through the roof, some people are going on strike

Posted by seumasach on September 20, 2009

Iceland Weather Report

18th September, 2009

Icelandic households are in serious trouble. When the economy melted down last year, the krona plummeted and loans that people had taken in foreign currencies [they were all the rage here in 2006-2008] went through the roof. Initially the government responded by allowing people to freeze their loan payments for the time being. That freezing runs out in October, at which time households that are already heavily indebted will face an even greater burden, that in many cases will be insurmountable. Defaults have already started to increase – and starting in October they are likely to increase even more.

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Lowest Energy Prices!! – Or how to sell yourself, Icelandic style

Posted by seumasach on September 13, 2009

Iceland Weather Report

11th September, 2009

Ok, so it’s been a while since I’ve written a really depressing post, right? So it’s about time, right?

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Iceland-And while we’re looking the other way, our resources are peddled off at bargain prices

Posted by seumasach on August 20, 2009

Iceland Weather Report

20th August, 2009

Tomorrow, a decision will be made as to whether the Suðurnes Power Company [HS orka, in Icelandic] will become fully privatized and owned by a Canadian company called Magma Energy.

This is the horror story of the week.

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What we get up to at those demonstrations

Posted by seumasach on August 17, 2009

Iceland Weather Report

16th august, 2009

Everyone: I have often thought how great it would be if non-Icelandic speakers could understand some of the speeches that have been delivered at the demonstrations and open citizen’s meetings held here over the last few months. They differ, obviously, depending on who is speaking, but in my view they give great insight into the passion and fervor of the Icelandic nation in these difficult times. To that end, I decided to do a quick translation of the speech given by writer Einar Már Guðmundsson at the Icesave demonstration last Thursday. [The speech is published by permission and the picture was taken by my friend Þorri.]

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Iceland: Lessons to be Learned from Economic Meltdown

Posted by seumasach on August 7, 2009

Eva Jolly

Global Research

7th august, 2009

From G8 to G20, many heads of state and government seem to delight in repeating that nothing will ever be the same again. The world is changing, to the point of being turned on its head by the crisis; the way we think and act in terms of financial regulation, international relations and development aid must therefore, according to them, change too. However, numerous examples contradict all this big talk. The situation in which Iceland now finds itself following the implosion of its banking system and the emergency nationalisation of its three main banks (Kaupthing, Landsbanki and Glitnir) is undoubtedly one of the most significant of these examples. This small country of 320,000 inhabitants is now reeling under the weight of billions of Euros of debt, which has absolutely nothing to do with the vast majority of its population and which Iceland cannot afford to pay.

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More public outrage as details come spilling out of the Kaupthing loan book

Posted by seumasach on August 4, 2009

Iceland Weather Report

4th august, 2009

Public outrage continued today over the injunction ordered against RÚV [the Icelandic state broadcaster], aimed at stopping it from processing thedetails of the Kaupthing loan book.

Bizarrely, an injunction has not been ordered against other media – only the state broadcaster, although the other media have been sternly instructed by Kaupthing to ignore the WikiLeaks report, OR ELSE. At the same time everybody knows this injunction is a farce – the information has already been downloaded by everyone and his dog here in Iceland and besides, it’s still readily available online.

Some people are doing an excellent job at processing the information in theWikiLeaks article – including the excellent Dagblaðið NEI. It points out, among other things, that Kaupthing, which at the time of its privatization in the early part of this decade was estimated to be worth ISK 20 billion [USD 159 million], loaned its TEN LARGEST CLIENTS a grand total of ISK 1,500 billion [yes, you read that right] in the subsequent few years that it operated as a private banking institution.

Many of the largest recipients of loans from Kaupthing were shareholders in the bank, while the collateral for the loan were shares in the bank itself. [And if you’re like me, this is the point where you’re tempted to stop reading because the mind starts turning somersaults. Is it any wonder they need a team of highly-specialized experts to unravel all the endless knots and tangles in this sorry scenario? This is only the beginning!]

Click here to read more

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