“Maybe this is our new version of democracy, Facebook democracy?”
- Kristjan Gretarsson, on Facebook in a discussion on InDefence style petitions.
“I have mixed feelings about this. It has never been the Independence Party’s demand that the government should resign because of this issue, only that it would get a fair treatment. “
- Bjarni Benediktsson, Independence Party MP
“Let’s end this endless thing. Let’s approve the IceSave bill”
- Mordur Arnason, former Social Democrat MP
“I assume that the Central Bank will not be on the receiving end of more currency for a while. The Nordic countries want Iceland to pay IceSave. The US doesn’t care about Iceland, because their army base isn’t there anymore, and Russia refuses to lend us money. Iceland has no friends abroad except for the Faroe Islands. We will possibly be downgraded to junk categories everywhere and receive no loans from abroad. It is a bad situation which we find ourselves in because of you idiots and the president. We live on foreign trade first and foremost and are dependant on good relations with foreign countries. With a mad crowd at home and a demagogue in Bessastadir, we find ourselves up against the wall.”
- Jonas Kristjansson, former editor
“Olafur Ragnar Grimsson says he is convinced that his refusal to sign the bill will lead to unity within the nation. That might be wishful thinking. But what options does the government have, except for resigning?”
- Egill Helgason, television host
“Men of the year, InDefence”
- Einar Bardarson, radio owner and radio-show host
“Thanks Oli – we owe U 1. Darling & Brown”
- Dofri Hermannsson, Social Democrats tells of an SMS being passed on in Iceland
“It just doesn’t work anymore that we have three legislative bodies operating at the same time: one in the government cabinet, one at Austurvollur (Althingi) and the third at Bessastadir (president’s residence). This is ridiculous.”
- Grimur Atlason, Left Greens
“I am having a happy fit. I started crying during the speech.”
- Birgitta Jonsdottir, Movement MP
“Islandsbanki’s analysts say that the reaction in the markets reflect investors expecting a lower cut in Central Bank interest rates at the end of January, the likelyhood of the next IMF review being postponed and that is more likely than not that the government’s financial ratings will be lowered. “
- VB.is The Icelandic Business Paper
“I cannot see how he could have reached any other conclusion”
- Ogmundur Jonasson, Left Green MP
“I look forward to discussing with every person I meet what is exactly said in the official paper #29 and how to interpret the ECOFIN meeting. Is Iceland responsible or not? Are the interest rates acceptable in light of the European Central Bank’s interest rates? Could the people who saved with IceSave know that they were taking a risk and therefore should take the hit themselves? And since we are doing this, should we maybe also take on the accounts on the Isle of Man and Guernsey, which neither the Icelandic or British government seem to want to be responsible for. But no, nobody dares think that we are fighting for justice, just Icelandic interests.”
- Silja Bara Omarsdottir, professor political studies University of Iceland
“An extremely curious sentence in the president’s statement on IceSave: “statements made in Althingi and messages which the president has received from individual MP’s show that there is a majority in Althingi for a referendum”. Such a proposition was made in Althingi. It was voted on and it was rejected. Can this be counted as an argument for a national referendum? You would expect these MP’s to be responsible with their votes and it cannot be accepted as normal that the president of the republic takes it upon himself to recount votes which have already been cast in Althingi”
- Gudmundur Svanur Runarsson – blogger
“No comment, I stepped aside and I am not going to enter this dance for now. “
- Ingibjorg Solrun Gisladottir, former Social Democrat leader
“If the referendum will conclude in rejection of the IceSave bill, the government seems to have two options. To retract the bill or resign. Otherwise it will be in opposition with its nation which must be a horrible situation for any government”
- Eirikur Bergmann, professor Bifrost University
“I am very happy with this conclusion and I think it was the most preferable. It will hopefully cancel out the societal rift which had occurred because of it. The president’s veto is a victory for democracy and I think he reached this sensible conclusion after careful consideration. I cannot be anything other than happy with the president.”
- Sigmundur David Gunnlaugsson, Progressive Party Chairman
“It seems we are headed into another year of rage. Icelanders are beyond any hope. Aren’t you all sick and tired of this already? We are only 300.000 people and this recession could easily be beat if people stood together irrelevant of parties and rage. But everyone is always up against everyone else. Aren’t we first and foremost Icelanders and then something else?”
- Thorkell Mani Petursson, radio host
“I wonder how many % of the nation are knowledgeable enough about this issue to vote in a national referendum?”
- Maria Arnadottir, in a Facebook discussion
“The president’s personal ambitions probably guided him in this decision. He does not want to be remembered as the cheerleader of the businessmen who bankrupted the country. He also enjoys the limelight.”
- Hannes Holmsteinn Gissurarson, professor at University of Iceland, once convicted for copyright infringement
“It is obvious that those who celebrate now are responsible for the poverty which they are enforcing on the Icelandic nation”
- Jon Frimann Jonsson, blogger
“Olafur Ragnar was becoming of the great responsibility bestowed upon him. There is a canyon between the parliament and its nation but the president has found its nation and the nation has found its president. There is no canyon there. The president has sided with the nation.”
- Olafur Arnarsson, author and blogger
“The nature of this issue is that these are negotiations between nations. You simply cannot conduct talks with national referendums. Should the next conclusion then also be put into a national referendum and then again and again? These sort of issues must be concluded within the democratic parliament. It is hard enough to conduct negotiations with a parliament, let alone a whole nation.”
- Vilhjalmur Thorsteinsson, investor, Social Democrat
“The man in Bessastadir has shown complete irresponsibility with his veto. The government must resign, the country will be anarchic in the name and the parties which caused the collapse will get back to power. With the FL Group sponsored Independence Party at the reins, no one responsible for the economic crash will be punished, except those which are not agreeable to the party. In addition, a fight is on with the Dutch and the Brits which will make the cod wars seem miniscule. This will also be a cod war of sorts, one started by the behaviour of people who act like cods on dry land. God help this doomed country.”
Stefan Snaevarr, professor University of Lillehammer
“I send my condolences to 30% of the nation because of this argument which the majority has now decided to amplify and continue with, and in the process delaying any rebuilding in Iceland. It is useless now to scream at politicians in dire times. The nation has now, taken all the responsibility of what lies ahead. Everything which follows is thanks to 70% of Icelanders , and InDefence of course.”
- Baldur McQueen, blogger
Related posts:

Inger Le Gué
2 years ago
Being Dutch, living in Iceland and getting information from both sides as far as I can see this is what happened: Act No. 96/2009 was passed in August, but a Dutch minister (Wouter Bos) for internal Dutch reasons (amongst which: hide the partly Dutch responsability for the Icesave disaster) yelled that it was unacceptable and tried (together with his UK collegues, the IMF and the EU) to force Iceland into a very unreasonable “agreement”. For the moment (because the President did not sign) this strategy failed. Again: Bos immediately yells “unacceptable” in the Dutch press. I yell: “Congratulations, Iceland!”
Bromley86
2 years ago
>but a Dutch minister (Wouter Bos) for internal Dutch reasons (amongst which: hide the partly Dutch responsability for the Icesave disaster) yelled that it was unacceptable and tried (together with his UK collegues, the IMF and the EU) to force Iceland into a very unreasonable “agreement”.
Nope. The agreements are, AFAIK, pretty similar. The key point here is state assumption of the guarantee. Throughout the negotiation process, the avoidance of that was the focus of the Icelandic effort. (Indeed, despite what Grimsson & Johanna would have you believe, Iceland still hasn’t really accepted state liability.)
When they finally accepted the inevitable and signed the agreement, the Althingi changed it. The two key changed were:
1. Limit annual payments to 4% (to UK) and 2% (to NL) of the growth in GDP.
2. Anything over that was to be written off (it didn’t actually say that, but that was the net effect).
(1) Limiting was accepted by the UK/NL, but (2) unilaterally writing down the debt was not. Hence the new agreement that’s just been vetoed.
Timo from Finland
2 years ago
Were there any deposit insurance limits with Icesave? Something like 20000 euros per customer? Or did the UK and Netherlands just pay everything up front to former Icesave customers and demanded the same amount in return from Iceland?
The Chosan
2 years ago
The madness continues. Political agendas and general stupidity. Niiice.
http://icelandtalks.net/?p=813
Good articles as usual Dadi.
Blubber
2 years ago
Timo: It is the minimum of €20887 per account.
Inger Le Gué
2 years ago
Timo: I don’t know about the UK. In The Netherlands it’s only the 250 people (united in Icesaving)that had MORE than EUR 100.000 with Icesave that didn’t get full upfront repayment of their savings.
Inger Le Gué
2 years ago
Timo: correction. I just cheched on the http://www.icesaving.nl site and the right number is 469 people. Wouter Bos, the Dutch Min. of Fin. temporary raised the limit to 100.000 Euro on October 7th 2008.
Blubber
2 years ago
Timo & Inger
According to the deal reached in November 08 the amount that the Icelandic government is liable for is capped at about €20.000
http://www.icenews.is/index.php/2008/11/16/icesave-agreement-finally-presented/
However, the problem seems to be the interest, time line and other charges tied to the agreement. For example the rather outrageous insistence by Iceland to be granted a write off for any sum that Iceland cannot pay any given year. Where can I get that deal for my housing loan?
Inger Le Gué
2 years ago
Blubber: I know about the cap, but my answer referred to the first part of Timo’s question, being whether or not The Netherlands paid everything upfront.
I don’t think that this makes a lot of a difference for Iceland anyway: According to the last figures I saw from Icesave itself there was €1,7 billion collected in The Netherlands. This included the money from Dutch city councils (like Amstelveen: €15 million), provinces (like Groningen: €30 million) and companies (non of which was guaranteed and thus cannot be part of the Dutch €1,3 billion claim) and also included at least €75 million of the so-called “rich” Icesavers. My estimate is that the €1,3 billion claim covers pretty much everything that has been paid out. (Hey, I’m Dutch, you remember, and know how “we” calculate!).
Curious to know if anybody saw the real figures and can comment on this.
Boggi
2 years ago
Blubber
You are wrong if you think its only the 20,000!!
UK paid up to 50,000 pounds and Holland up to 100,000 euros(per account holder), and they are demanding the 20 someting thuosand back at least, but if Iceland gets anything more from selling the assets of Landsbanki and kaupthing it goes to make up for the rest of the money, in other words: “you pay me 20,000 per saver and if you get any more money for selling assets you have to use it to pay me the other 30,000 per saver.” that is one problem, the other one is that Iceland has to give up any right to take this to court, and the other problem is the 5.5% interest of the loan, now, is the interest on the 20,000 per saver or the hole 50,000 per saver?, all this things are very dubious like this de Reyna law firm phrased it.