And a strange thing has happened: although Iceland is generally considered to have experienced the worst financial crisis in history, its punishment has actually been substantially less than that of other nations. Paul Krugman in NY Times

The Supreme Court of Iceland‘s ruling has thrown the Icelandic household debt pickle into an almighty pickle-feast. The Court ruled that the currency loans which many Icelandic housholds had borrowed at their chosen financial institution for car loans and mortgages were illegal. According to Icelandic law, it is illegal to tie loan contracts to indexes [...]

The Independence Party convention this weekend confirmed the stronghold that the old guard of David Oddson and the Fisheries Union has on the party. A declaration stating that Iceland should retract its application to the EU immediately was approved by the majority. The fallout could see an interesting split in what was once a proudly modern party. [...]

Are the ghosts of the past supposed to determine Iceland’s future? In the Special Investigation Report, former Morgunbladid editor Styrmir Gunnarsson says that Iceland has been a “disgusting society”. “I have followed this for fifty years. This is a disgusting society, it is all disgusting. There are no principles, there are no ideologies, there is [...]

Quit your whining over the Icelandic volcano, The Islands Mountain Glacier Volcano. As Kenyan farmers lose billions in revenue, as British office workers don‘t get their fruit salad for breakfast, as Pep Guardiola and Rafa Benitez whine their ways to Milan and Madrid by bus and train this eruption can act as a serious kick [...]

Illugi Gunnarsson and Bjorgvni G. Sigurdsson resign as MP’s. Not because they have done something wrong but because they want an opportunity to clear their “good names”. That is also what Bjorn Ingi Hrafnsson said when he stepped down as editor of Pressan.is Now Thorgerdur Katrin Gunnarsdottir has also resigned…”temporarily”. The lessons learned for the [...]

Currently there appears to be an undercurrent of social instability not seen in Iceland in modern times.  To respond, we should examine five dimensions on the security spectrum which can be considered to be especially revelant in Iceland in the present. These dimensions are: -          Traditional Military -          Economic vulnerability and  instability -          Breakdown of [...]

After the state announced that it was going to take over 75% of Glitnir it was clear that Stodir/FL Group, the largest owner of the bank would go under. It had been clear for some time that Baugur, Stodir/FL Group’s owner was in a bad shape financially. This created an immense problem for two funds [...]

From the report, Ossur Skarphedinsson described a government meeting with Halldor J. Kristjansson, Sigurjon Th. Arnason and Bjorgolfur Thor from Landsbankinn. “They came to introduce to us some “great offer”. And he (Bjorgolfur) sat there in his fine suit, a real “seller” and selling something where they were supposed to get Glitnir free and a [...]