Bankruptcy is ahead on the marketplace of ideas as far as solutions to the massive debt facing Icelandic households is concerned. A fortress around the households in Iceland promised by the government has turned out to be one around financial institutions. The latest news claim that the foreign creditors of Byr S&L are writing off [...]

Nineteen creditors of Byr Savings & Loan, including largest shareholders German banks HSH Nordbank and Bayerische Landesbank along with Austrian bank RZB have rejected their claims being turned into shares. Instead they will discount their claims provided they are paid parts of them. Byr has asked the state for 10.6 billion ISK injection which would [...]

Iceland unveiled plans aimed at cleaning up its failed financial system Monday, whereby creditors will see the government commit up to $2.1 billion to capitalize new lenders created from the ashes of those that collapsed last year. Iceland’s Minister of Finance Steingrímur J. Sigfússon discusses the plans. Watch here

“The whaling industry, like any other industry, has to obey the market. If there is no profitability, there is no foundation for resuming with the killing of whales.” Einar K. Guðfinsson, former Minister of Fisheries, Iceland, 2007 Why is Iceland still pursuing whaling? Are Kristjan Loftsson’s interests bigger than the one of the Icelandic nation? [...]

You should know that in the lovely leftist country of Iceland, some are more equal than others. Johanna Sigurdardottir, Steingrimur J. Sigfusson and Gylfi Magnusson are so determined not to treat all debtors equally that currently you can only get real solutions at the banks if you know someone high up. If you don’t then [...]

The government has been harshly criticized from all directions for keeping the IceSave agreements secret. This weekend, a protest meeting was held downtown Reykjavik where the speakers continued that critisism. Afterwards, Steingrimur J. Sigfusson invited Hordur Torfason, the organizer and Lara Hanna Einarsdottir, blogger and protester to see emails between the Icelandic and Dutch government [...]

Sigurjon Arnason, the CEO who lead Landsbankinn into the IceSave fiasco is confident that if the sale of the banks assets are done correctly then they will cover the 650 billion the state has to assume because of the disastrous savings account. Maybe the state could ask Sigurjon to organize the sale? But there is [...]

There used to be an oft-repeated mantra in the business circles in Iceland. “Imagine if Steingrimur J. Sigfusson were Financial Minister? Iceland would go bankrupt!” Cue sneering laughter. Today might be the day when an elected purely leftist government takes over in Iceland. But it is too late for them to bankrupt anything. The right-wingers [...]