August 11, 2009
Reykjavik, Iceland
To the attention of Mr. Franek Rozwadowski, IMF Resident Representative to Iceland
Mr. Rozwadowski
I write to you on behalf of a small group of friends who have bought their first home in the last five years. Through an accident of birth, it so happened that all of us were trying to build our futures at a wrong time in Icelandic history. Some of us have price-indexed mortgages in Icelandic krona, others have their mortgages tied to foreign currencies. Some have lost their jobs, others have lost their savings. Others are already making plans to move abroad.
When we approach our banks regarding solutions, answers are hard to come by. The government has so far not provided any realistic solutions for the indebted Icelandic public. While various businesses are seeing their debts reorganized or canceled in parts, individuals are told to pay up or at best to postpone doing so. When pressed, the banks and now the Social Minister of Iceland have all indicated that it is not them but the IMF which is vehemently against such solutions for individuals.
For our generation this is a crucial matter. Do we build our future in this country or somewhere else is a question everyone is asking themselves? Therefore we ask you whether it is a) true that it is the IMF which is standing in the way of the public’s debt being reorganized? And b) if so then why?
Since the economic crisis last year, I have been maintaining a blog in English on the situation in Iceland. http://www.economicdisasterarea.com and it now receives thousand of visits every day.
I will publish this email to you on the site and eagerly await your answer.
Respectfully
Dadi Rafnsson
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Silvia Planchett
2 years ago
Great letter!
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