In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘iceland and IMF’

Iceland: Government and trade unions impose IMF austerity measures

Posted by seumasach on July 14, 2009

Jordan Shilton


14th July, 2009

On June 26, a comprehensive agreement was announced between Iceland’s government, trade unions and employers’ organisations, containing plans for sharp public spending cuts and tax hikes. The “stability pact” had been under negotiation for several weeks and is in response to pressure from the International Monetary Fund (IMF) for the government to seek a balanced budget by 2013.

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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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Michael Hudson and John Perkins on Icelandic TV

Posted by seumasach on April 7, 2009

Please click on this link for these absolutely indispensable, masterly interviews:

Lara Hanna’s Blog

Posted in Revolution in Iceland | Tagged: , , , , , | 2 Comments »

The Financial War Against Iceland- Being defeated by debt is as deadly as outright military warfare.

Posted by seumasach on April 5, 2009

Prof. Michael Hudson

Global Research

5th April, 2009

See also:

The European Revolution Begins

Iceland is under attack – not militarily  but financially. It owes more than it can pay. This threatens debtors with forfeiture of what remains of their homes and other assets. The government is being told to sell off the nation’s public domain, its natural resources and public enterprises to pay the financial gambling debts run up irresponsibly by a new banking class. This class is seeking to increase its wealth and power despite the fact that its debt-leveraging strategy already has plunged the economy into bankruptcy. On top of this, creditors are seeking to enact permanent taxes and sell off public assets to pay for bailouts to themselves.

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Posted in Financial crisis, Revolution in Iceland | Tagged: , , | 2 Comments »

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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