I got the permission of the author to translate this remarkable article from Smugan into English. If you need proof why Iceland is in a no less perilious situation today as it was before 2008, then read what AK72 has compiled on the curious privatization of the South Peninsula’s energy resources into the hands of [...]

Word is that the Icelandic government has hired this British spin doctor named Jaimie to help them with the Magma fiasco. A sample of his previous work: “He is the real international deal, Harrow, Harvard, thereafter intelligent guidance of the family’s shipping money… He has the experience in business and he has the clout, above [...]

Grapevine yesterday published an email sent from the assistant of the minister of education by mistake to an American journalist, exposing how the government tried to gain special favours with a journalist. “It basically amounts to the government (or certain government advisors) trying to control local discourse by putting a spin on an announcement they’re [...]

The Iceland Weather Report has put together most of what you need to know about the current Magma Energy debacle. But the revelation that it needed two unpaid bloggers, Lara Hanna and Teitur Atlason to uncover and expose the whole affair reminded me of a call I got last year from a representative of the government. He [...]

Throngs of unanswered questions and intense circulation of rumours surround the Magma Energy deal. Halldór J. Kristjánsson and Finnur Ingólfsson (there’s a name that should ring a bell for those familiar with Icelandic corruption and shady deals) are thought to be involved, and some even suspect Ross Beaty of just being the face of a [...]

Iceland is currently in a state of shock. The nation has been hit with one bad news after another since the economic collapse last year. The dust has not settled, with no one made responsible and few solutions to Iceland‘s problems offered by its leadership. Fingers are still being pointed and anger and resentment is [...]

Watching the CEO of Reykjavik Energy trying to explain and defend the deal with Magma Energy can only be described as heartbreaking. Especially when asked how they had come to the conclusion that a loan in USD at today’s exchange rate could add up. He claimed they had when asked whether they had used credible long-term [...]

Reykjavik Energy is selling its share in HS Energy to Magma Energy for 30% down and the rest through a loan from itself with one payment which is seven years away. The interest rates are 1.5% and the collateral is … wait for it, the shares in HS Energy. Is everyone munching crazy pills or [...]

It is that sinking feeling one has had browsing through the news of the week. With each passing month from the Icelandic economic collapse, things aren’t really changing at all. I have written before about many Icelanders clinging onto the hope that if they close their eyes long enough, everything will be just fine. And [...]

Magma Energy wants to invest in Iceland. The background story can best be described here at The Icelandic Weather Report; One thing is sure: the private company will almost certainly concern itself first and foremost with the bottom line. It will likely jack up the prices to the private consumer, and it will siphen off [...]