In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bankrupt iceland’

Iceland may renege on Icesave payments

Posted by seumasach on July 14, 2009

Here is where the pressure from the streets plays such a crucial role in preventing the government from selling out and strengthening their hand in the renegotiation of the deal. The current terms of the deal appear to be exploitative and unrealistic. Iceland can and must stand firm and not commit itself to unpayable debt.

This is Money

14th July, 2009

The Icelandic Government could try to renegotiate the £2.3bn compensation it has committed to paying British savers over the collapse of Icesave and its parent bank Landsbanki.

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Wonders at the credit terms for the Icesave deal

Posted by seumasach on July 4, 2009

News Frettir

29th June, 2009

Wonders at the credit terms for the Icesave deal. The EU has granted countries in recessions loans in recent years at lower interests.

Elvira Mendez, specialist in European Law at the University of Iceland, wonders at the rates offered in the deal that was made with Britain and Holland because of the Icesave commitments. This was reported in the news on the National Radio.

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An interview with Eva Joly

Posted by seumasach on June 13, 2009

Iceland Weather Report

12th June, 2009

Two days ago, Eva Joly, the Norwegian-French magistrate hired to advise the Icelandic government on the current [colossal] investigation into the bank collapse, threatened to pull out of the investigation unless two very clear conditions were met. One, that the State Prosecutor step down, as he is unfit on familial grounds [his son is an executive in one of the holding companies affiliated with the banks]. Two, that the Office of the Special Investigator into the bank collapse be substantially strengthened and that the number of prosecutors be increased from one to three. Yesterday the Icelandic nation held its breath while it waited for the government’s response to those stipulations. Yesterday evening it was announced that there was agreement in parliament that the government would do everything in its power to ensure that Mme Joly gets the facilities she needs to continue her work. As the nation let out a collective sigh of relief, Eva Joly kindly agreed to sit down with us for a chat.

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Icelanders need to be told the magnitude of their economic problem

Posted by smeddum on May 12, 2009

Make Iceland Pay for Incompetent British Bank Deregulation!

Gordon Brown Spills the Beans on the IMF   Counterpunch  

>By MICHAEL HUDSON                       May 11, 2009

Last month the G-20 authorized the International Monetary Fund to increase its loan resources to $1 trillion. It’s not hard to see why. Weakening currencies in the post-Soviet states threaten to raise default rates on foreign-currency mortgages as collapse of the Baltic real estate bubble drags down Swedish banks, while the Hungarian property plunge threatens Austrian banks. It seems reasonable to infer that creditor-nation banks hope to be bailed out. The IMF is expected to lend the Baltic, central European and other debtor-country governments money to pay them. These hapless debtor economies are then to follow IMF “conditionalities” to squeeze enough money out of their populations to pay foreign creditors – and repay the Fund by imposing yet more onerous taxes on their labor and industry, making them even more high-cost and therefore pushing them even further into trade and credit dependency. This is why there have been so many riots recently in Latvia, Lithuania, Estonia and Ukraine, as was the case for so many decades throughout the Latin American countries that introduced the term “IMF riot” to the global vocabulary. Read the rest of this entry »

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Iceland Gets Norwegian Central Banker(and former McKinsey partner)

Posted by seumasach on February 27, 2009

It seems quite unbelievable, as well as unconstitutional, that a foreigner should be appointed as head of Iceland’s central bank. That he is a former McKinsey partner makes it deeply worrying. According to Wikipedia,  McKinsey was up to it’s kneck in Enron and was favoured, amidst controveresy, by Tony Blair to reform the cabinet office.

Iceland Review

27th February, 2009

Svein Harald Oeygard, a Norwegian economist, has been hired as interim governor of the Central Bank of Iceland. The Althingi parliament passed a bill on changes to the bank’s senior management yesterday, making its previous governors redundant.

The Central Bank of Iceland. Copyright: Icelandic Photo Agency.

“This man has extensive experience from Norwegian administration and company consultancy, which should come in handy,” Ólafur Ísleifsson, a lecturer in economy at Reykjavík University, told

One of Oeygard’s first tasks will be to attend a meeting with a delegation from the International Monetary Fund (IMF).

Former Central Bank governors Eiríkur Gudnason (left) and Davíd Oddsson. Copyright: Icelandic Photo Agency.

The Central Bank’s former governors, Davíd Oddsson and Eiríkur Gudnason, called their employees to a meeting yesterday and thanked them for their cooperation. The attendees applauded the governors before they left the bank for good,Morgunbladid reports.

Gudnason has worked at the Central Bank for 40 years. Oddsson, who is Iceland’s longest-serving prime minister, was appointed to the bank in the fall of 2005.

The third Central Bank governor, Ingimundur Fridriksson, stepped down shortly after receiving a letter from Prime Minister Jóhanna Sigurdardóttir requesting his resignation and has now been offered a position at the Norwegian Central Bank, according to

After Althingi passed the Central Bank bill, it was signed by President of Iceland Ólafur Ragnar Grímsson. Then it was published in Stjórnartídindi, the law and ministerial gazette, taking legal effect, enabling a new Central Bank governor to be appointed.

Law professor Sigurdur Líndal told Fréttabladid that he doubts a foreign citizen can be hired to the position, explaining that the constitution states that no one can become a public official in Iceland without holding the Icelandic citizenship.

“I think it is absolutely certain that a governor cannot be appointed to the Central Bank unless he or she is an Icelandic citizen,” Líndal said. “But there is a question of whether a foreign citizen can become acting Central Bank governor.”

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Iceland to be fast-tracked into the EU

Posted by seumasach on February 17, 2009

“The krona is dead. We need a new currency. The only serious option is the euro,” said a senior Icelandic official.”

The same applies to the pound. So, let’s all join the Eurozone and at the same time work to dismantle NATO.

Iceland will be put on a fast track to joining the European Union to rescue the small Arctic state from financial collapse amid rising expectations that it will apply for membership within months, senior policy-makers in Brussels and Reykjavik have told the Guardian.

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Daily Moron- Iceland should adopt sterling, not the euro

Posted by seumasach on February 17, 2009

“First the English destroy Iceland and now they want to impose their English toilet paper currency on the Icelandic people….

What a great comforting feeling for all newly bankrupted Icelandic people to walk around with the English Queen’s head printed on the English toilet paper currency…..

The best the Icelandic people can do is to close down the English embassy in Reykyavik and never engage in business again with the English regime that deliberately attacked Iceland’s banks forcing Iceland into total collapse.”

“your analysis of Hannan’s interference in the affairs of other European countries is spot on ; my conclusion is that Hannan is a US sponsored mole at the EU where he attempts to destroy Europe and destroy the EU and replace it exclusively with an US controlled NATO political structure.

Everytime Hannan speaks in Brussels it would be helpful for all EU MEP’s to vocally denounce him as an American NATO puppet; we in Europe should not allow American sponsored moles to walk into Europe and try to destroy all European institutions we have built up in the last 60 yrs and which have led Europe to become the worlds largest most succesful and prosperous market on the planet.

Johan de  Meulemeester(from comments)

Daniel Hannan


15th February, 2009

I’ve observed before that European integration tends also to diminish a member state’s internal democracy. Iceland is the latest example. As things stand, if you want to amend the constitution, you have to carry the change in parliament, then have a general election, then pass it again. The new Left-wing government wants to scrap that rule so as to fast-track EU membership.

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Iceland minister says adopting euro logical step

Posted by seumasach on February 15, 2009


STOCKHOLM, Feb 12 (Reuters) – Iceland’s new commerce minister said on Thursday the adoption of the euro was a more logical path towards restoring financial stability than currency cooperation with Norway.

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Iceland Central Bankers hold on with a little help from the IMF

Posted by seumasach on February 12, 2009


With the IMF seemingly interceding on their behalf Iceland’s central bankers, particularly David Oddsson, are the immovable object checking the irresistible  force of the popular movement on the streets.

Iceland’s Second Central Banker to Resign in June

Iceland Review

12th February, 2009

Central Bank governor Eiríkur Gudnason announced his resignation as of June 1 in a letter received by Prime Minister Jóhanna Sigurdardóttir on Tuesday. The PM has expressed her disappointment with the announcement.

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Iceland: The Land Without An Economy- The worst is yet to come.

Posted by seumasach on February 11, 2009

Arsaell Valfells


9th February, 2009

Iceland has won a “full house,” with political crisis piling up on a debt, banking and currency crisis. As Icelanders are now for the first time in 60 years protesting in the streets, the full impact of the collapse is being felt. In short, the economy has hit a wall. The labor market has, in a year, changed from importing workers from Poland to 10% unemployment. The worst is yet to come.

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Declaration of the Movement for a New Republic in Iceland

Posted by seumasach on February 10, 2009

Iceland Calling

We, the People of the Republic of Iceland in this period of economic turmoil and near national bankruptcy, declare to the International Monetary Fund, to the Central Banks of all our neighbouring countries and to their respective governments, that it is not in the interest of the people of Iceland that our current government receive loans from anyone.

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