In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘Revolution in Iceland’

Iceland Protests Continue

Posted by seumasach on July 3, 2009

News Frettir

27th June, 2009

It is estamated that 300 people are gathered in Austurvöllur to protest the Icesave deal. The protests were orginized by the Voices Of the People. In a statement it says that in addition they are protesting the governments indifference in matters concerning homes and businesses and demanded that they start trying the white collar criminals immediatly.

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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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Perhaps somebody should send Gordon Brown back to school

Posted by seumasach on May 9, 2009


Iceland Weather Report

8th May, 2009

Old Gordon Brown appears not to have all his cups in the cupboard, as the Germans would say. During question time in the British parliament last Wednesday he claimed that Britain was in the process of negotiating with the International Monetary Fund and other institutions on how to collect from Icelandic authorities the money they owe as a result of the collapse of Iceland’s banks.

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Referendum on EU likely in Iceland

Posted by smeddum on May 5, 2009

Iceland Turns Left and Edges Toward EU

As news comes in from Iceland, it tends to confirm the direction towards a EU referendum. While the citizen’s movement that emerged from the protests in Reykjavík last winter; stresses that those protests had nothing to do with the EU but the collapse of the Icelandic bank sector and lack of actions from the authorities. Sheltering behind the Euro would be good for Iceland’s economy but the fear is that control of the fishing industry would go to Brussels.
While, in particular Europe is against whaling, there is the possibility of a transitional relationship.

By Leigh Phillips
Businessweek  April  27, 2009,

Icelandic voters punished the centre-right party that had governed the country for most of the last 18 years and dominated it for generations, delivering a clear majority in a snap general election to the centre-left Social Democrats and far-left and ecologist Left Green Movement. Read the rest of this entry »

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Is Iceland on Its Way into the EU?

Posted by seumasach on April 26, 2009


Iceland Review

26th April. 2009

The election on Saturday could be historical in more than one way. The left wing parties, that form the current coalition government, won a clear majority. Both parties strengthened their position in Althingi, Iceland’s Parliament. This would seem to be a clear indicator that the two parties would continue their cooperation into the new term. However, there are some issues on which they disagree profoundly. This was not a big problem in the care-taking government that was formed in February. Now the parties have to agree on a plan for reconstructing the economy and in some way Icelandic society. Here real differences arise.

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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

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Rockall claim puts Britain on collision course with Iceland

Posted by seumasach on April 7, 2009

Perhaps another chance for the Brits to invoke anti-terror legislation and grab a bit of Iceland’s oil. Measuring the continental shelf from St. Kilda seems to be stretching it a bit. I suppose we can measure out 350 miles from the Malvinas too, and grab the oil that’s known to be there.


1st April, 2009

Britain has lodged an application for thousands of square miles of the seabed around the Atlantic outcrop of Rockall – embarking on what could be a diplomatic collision course with Iceland and the Faroes.

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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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Something is Rotten in the State of Iceland

Posted by seumasach on March 15, 2009

Where’s the money gone?- that is the question.

Iris Erlingsdottir

Huffington Post

15th March, 2009

In a remarkable interview on Icelandic television last week, Eva Joly, the famous French-Norwegian investigative magistrate and corruption fighter, stated that an investigation of the financial crimes that resulted in Iceland’s financial catastrophe (the kreppa) was necessary “for the social contract, for having the feeling of being at nation and living together.”

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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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