On August 11, I wrote this to the IMF representative in Iceland, Mr. Franek Roswadowski in light of comments made by Icelandic banks and ministers that the IMF was the entity responsible for debt reorganization. Unlike Icelandic officials, Mr. Roswadoswki answers his emails and today I recieved this from him: Dear Daði, No, the IMF [...]

“Organizations are like cesspools. The largest bits float to the top” I cannot remember whose quote that is but it is unfortunately a fitting description of the way things work in Icelandic political parties. Extraordinary people don’t stand a chance against the rush towards mediocrity, sameness and playing along. As a consequence we are now [...]

Like I wrote last week, the Icelandic banks are working on their own solutions for their indebted customers. Even though the state has complete ownership over all of them, they still behave like they are competing, marketing campaigns et al. They would like to assume the forces of the markets are still the same but [...]

Writing of debts according to the Zingales Plan The households of Iceland are still awaiting solutions for the problems they are facing in the wake of the economic disaster. The government of people in the fifties has still not offered better solutions to young people than to make the final payments of their price-indexed home [...]