Iceland Minister Confident Icesave Bill Will Pass

COPENHAGEN (Reuters) - Iceland's Economy Minister said on Friday he expects the government to reach a deal with opposition members on its Icesave bill within days, clearing the way for its passage through parliament. The Icesave bill -- which sets the framework for repaying billion of dollars in loans to the Dutch and British governments relating to Iceland's collapsed banks -- has been delayed for weeks by the opposition, angry over the tough repayment terms. "This is something that can't go on forever. It could be a matter of days when the filibustering ends," Gylfi Magnusson told Reuters, adding that he expected the government to reach a deal with opposition parties which would leave the Icesave proposal intact. "The government will have its bill passed," he said, after meeting with Nordic finance ministers in the Danish capital. Reykjavik struck a deal in October with London and Amsterdam to compensate them for bailing out British and Dutch savers who lost more than $5 billion in Landsbanki's high-interest "Icesave" accounts following the collapse of Iceland's banks. Parliament has debated the Icesave bill for weeks and Magnusson said on Friday that the process was moving forward at a "glacial pace." Agreement with the UK and the Netherlands over repayment helped release hundreds of millions of dollars in aid from the International Monetary Fund and Nordic neighbours -- cash much needed to mitigate the worst effects of the crash on the economy. Should the bill fail to pass parliament, further cash from the $10 billion-plus aid package would be in doubt. Magnusson said the government could force through the bill, but would prefer to get the opposition on board. "The government has a sufficient majority to pass the bill for the Icesave agreement and the state guarantees that go with it," he said. Source:nytimes.com/

 

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Iceland Is Sacrificed to Save EU: Shame on Britain and Holland

The European Union, in order to save itself from the faults of its own legislation, has decided that Iceland and the Icelandic people are expendable. Realising its own failures the EU has decided, through the British and Dutch governments, that the Icelandic authorities have to shoulder the responsibility which is rightfully the EU regulators’. This is what the so-called Icesave dispute is mainly about.

The dispute started in October 2008 when almost the entire Icelandic banking system collapsed. One of the three largest Icelandic banks, Landsbanki, had operated internet savings accounts in the United Kingdom and the Netherlands collecting large amounts of deposits by offering high interest rates. These accounts were operated with the approval of the British and Dutch authorities and their operation was made possible by EU laws.


Immediately after Landsbanki had collapsed and subsequently been taken over by the Icelandic authorities, the British and Dutch governments insisted that Icelandic state was responsible for the Icesave savings accounts. Therefore the two governments demanded that Iceland and its population of only 300,000 people compensate the billions of euros in lost savings plus interests in the UK and the Netherlands.


Responding to the demands from the British and Dutch authorities the Icelandic government in turn announced it would certainly honour its obligations but insisted that it was not clear what these obligations were exactly. The matter should therefore be resolved by a neutral court. The British and Dutch governments, however, dismissed this and instead insisted that the issue would be resolved politically and not legally.


Systemic crisis


The EU legislation in question is Directive 94/19/EC on deposit guarantee schemes which was implemented into Icelandic laws in 1999 according to the EEA Agreement between the EU and EFTA which Iceland is a member of. According to the regulation a privately run Guarantee Fund is to be operated in each country which is supposed to guarantee a minimum compensation to depositors of 20,000 euros for each account.


However, the directive does not anticipate a systemic crisis as undoubtedly occurred in Iceland in October 2008 but only a failure of a single bank. In other words there is simply no legislation in force which covers the situation that emerged in Iceland last autumn. Moreover, it should be kept in mind that the Icelandic financial sector is more or less regulated by the EU through the previously mentioned EEA Agreement.


These shortcomings of Directive 94/19/EC have been known for a long time and have on a number of occasions in recent years been recognised publicly by leading figures in the EU. This was for example mentioned in a report by the French Central Bank published in 2000 on deposits guarantee schemes which states that it is “accepted” that such schemes “are neither meant nor able to deal with systemic banking crises”.


Perhaps the most recent example of such admittance occurred on March 3 this year when the Dutch Finance Minister, Wouter Bos, said in a speech: “First and foremost, European countries need to take a close look at how the deposit guarantee scheme is organised. It was not designed to deal with a systemic crisis but with the collapse of a single bank.“ Nevertheless Bos is insisting that the scheme be applied to the Icelandic systemic crisis.


No state guarantee


Since the EU’s deposit guarantee scheme is not supposed to handle systemic crises but only the collapse of a single bank the Guarantee Fund in each country is privately run by the domestic financial institutions which are obliged to contribute a certain minimum amount of capital to it according to the range of their deposits. The individual state’s sole responsibility under the scheme is merely to see to it through legislation that such fund is established.


There is as a result no mention of a state guarantees in Directive 94/19/EC (Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes) for the obligations of the Guarantee Funds should they under any circumstances fail to fullfill them towards depositors. On the contrary the directive clearly states that the deposit guarantee scheme „must not consist of a guarantee granted to a credit institution by a Member State itself or by any of its local or regional authorities“.


Granting state guarantees for the Guarantee Funds in any form therefore quite simply violates EU laws. The idea behind this is that banks should not be discriminated whether they are from large or small countries. Nevertheless since the collapse of the Icelandic banks in October 2008 the British and Dutch governments have insisted that the Icelandic state is responsible for the Icelandic Guarantee Fund meeting its obligations.


Furthermore, despite the fact that no state guarantee for Guarantee Funds exists under the EU’s deposit guarantee scheme, the British and Dutch governments have been bullying the Icelandic authorities to accept that such a guarantee is nevertheless in place as mentioned earlier. They have demanded that Iceland passed laws granting such a state guarantee which alone is a proof enough that no such guarantee previously existed.


Iceland sacrificed


Leading EU people have recently admitted that at the beginning of October 2008 – at the same time when the Icelandic banks collapsed – the banking sector within the EU was facing serious collapses as well. This explains why Brussels decided that the Icelandic people should be forced to take responsibility for the faults in the EU laws. The EU simply could not admit in public that deposits in its banks were not guaranteed in the event of a collapse.


“We were a couple of days away from a complete catastrophe which would have been ten times worse than the current situation. The risk of a collapse in the European banking system was high,” admitted Finland’s Finance Minister, Jyrki Katainen, in an interview with the Finnish newspaper Savon Sanomat on September 8, 2009. The decision to sacrifice Iceland probably contributed to saving the EU banking system at the last minute.


Last summer Ingibjörg Sólrún Gísladóttir, who was Iceland’s Foreign Minister at the time when the Icelandic banks fell, said that “the main reason why it was not possible to take the matter to the courts was because there could not be any doubt that deposits were guaranteed. If it would have been agreed to get a court ruling it would have created a legal uncertainty whether there were any deposits guarantees.”


Gísladóttir said that such uncertainty would have given depositors in Spain, France or elsewhere a reason to doubt the guarantees and withdraw their savings. In other words that there would be run on EU banks. So in other words Iceland and the Icelandic people were simply sacrificed to save the EU banking system from collapses as a result of a flawed EU legislation which they are not at all responsible for.


Conclusion


The behavior by the British and Dutch governments towards Iceland is simply disgraceful. They have used the economic crisis Iceland is currently facing to try to suppress it. They are threatening to blockade Iceland’s possibilities to get loans from abroad if their outmost demands are not being met. They have also used their influence within e.g. the International Monetary Fund (IMF) to threaten the Icelandic government.


The British government even used controversial anti-terrorist legislation to freeze Icelandic assets in the UK after the Icelandic banks fell. Even assets owned by the Icelandic state which must be regarded as a direct attack on Iceland. The British government then put Iceland on a list with terrorist organisations such as Al-Qaida. And this they have done to a NATO ally. With allies like this Iceland obviously needs no enemies.


The question is who is responsible for EU legislation? Should a legislation formed and put into force by the European Union turn out to be a failure, who is responsible? It seems Iceland is! The EU simply has to recognise publicly its responsibility for the faults in its legislation and that the Icelandic people are not responsible for them. The Icesave dispute then needs to be solved in a civilised manner and not with larger countries bullying a small one.


The civilised way is to find a solution everyone can live with through a common agreement but not by the means of threats and oppression as has been the case until now. If such a solution cannot be found the only way is to take the dispute to a neutral court. Iceland has always maintained that it wants to honour its obligations regarding deposits but added that it first needs to be clarified which exactly these obligations are.

Source:brusselsjournal.com/

Fischer’s Pinay love child in Iceland to claim inheritance

BOBBY FISCHER




On a snowy and windy afternoon last December 1, Jinky Young, who claims to be the late Bobby Fischer´s Filipino child, finally linked up with her father in a small cemetery in front of the Laugardaelir church in Selfoss town, southwest Iceland.

Braving the distance from far-away Philippines and the minus 8 weather of Iceland, Jinky took leave from school to visit her father´s tomb with her mother, Marilyn Young. The last time they saw Fischer was in September 2005 in Reykjavik when the chess legend had a 3-week rendezvous with them. Fischer took mother and daughter around central Reykjavik, and rode with them in buses, his preferred means of transportation.

Jinky had a grand time with her dad after she missed him during Fischer's 8-month stay in a Japanese airport prison.

Fischer was taking a flight to the Philippines in 2004 to be with a waiting Jinky and Marilyn at the airport, but he was stopped from boarding his plane because of an allegedly cancelled passport.

Marilyn recalls that their parting was hard when they returned to the Philippines. " But there was not a day that Bobby didn't call us, sometimes 3 to 4 times, except when I was in school. He would always ask for Jinky who would say, "I love you, Daddy," said Marilyn.

GM Eugene Torre, who accompanied Jinky and Marilyn to Fischer's tomb, also found time to reunite with his close friend. It was Torre who acted as Bobby's chief second during his return match with Boris Spassky in 1992 in the former Yugoslavia. This match earned for Fischer the ire of the US government who pursued him no end until he was placed behind bars in Japan.

Samuel Estimo, Jinky's lawyer, had already made arrangements with an Icelandic law firm, thru former FIDE president Frederic Olaffson, who will handle Jinky's claim to the estate of her father which consists of around 1.5 million euros and gold deposited at the Landsbanki Islands.

Last December 2, Estimo and a lady Icelandic lawyer accompanied Jinky to a Reykjavik hospital where her blood samples were taken for DNA testing. It turned out that it was the same hospital where Fischer died of renal failure on January 17, 2008.

Estimo and Thordur Bogason of the law firm who will handle the claim, are optimistic about Jinky's chances of getting her due to the estate of her father.

"The Magistrate of Iceland will uphold Jinky's claim which means that she will get two-thirds of Fischer's estate," said Bogason.

"That is on the assumption that Ms. Miyoko Watai's supposed marriage to Bobby Fischer will be affirmed by the Icelandic Supreme Court. Otherwise, Jinky will collect the whole of Bobby's estate,” concluded Estimo.

Source:mb.com.ph/

Obama and Medvedev to visit Iceland?

Barack Obama, the President of the United States, will visit Iceland if Reykjavik is chosen as the location for the signing of a new nuclear weapons reduction treaty with Russia.

Kristjan Guy Burgess, assistant to Iceland’s Minister for Foreign Affairs, said in an interview with Visir.is that no decisions have yet been taken. The ministry has nonetheless been in contact with the Americal embassy about the possible trip.

The New York Times first reported the story this week that the new treaty might be signed in Reykjavik as a symbolic gesture following Ronald Regan and Mikhail Gorbachev’s historic meeting in Reykjavik in 1986. Geneva and Helsinki are also possible locations.

The existing pact between the two nations expires today, so preparation of a new treaty to further reduce the number of nuclear warheads on each side is considered urgent – although there is clearly no immediate danger of a war breaking out this weekend.

Source:icenews.is/i

Icelandic women charged with human trafficking

Two women accused of human trafficking prostitutes, have been put into custody without bail until 11th December. Their victims in the case number at least three and police are also investigating those purchasing the sexual services that were on offer.

Reykjavik Police have been investigating the case for several weeks and a city centre brothel has already been closed down during the investigation.

One of the women now in custody is 20 and the other is 30 and both are Icelandic citizens.

The elder of the two, Catalina Ncogo was sentenced to two-and-a-half years’ prison for other pimping and drugs offences.

Police say at least three other women are involved in the case but will not be charged because prostitution is not illegal in Iceland – whereas a third person profiting from the act (so-called pimping) is illegal.

At the same time as the two women were arrested yesterday, two house searched were also carried out in relation to the case and small amounts of illegal drugs were found in one. Further information from police was not forthcoming, RUV reports.

Source:icenews.is/

Iceland Frozen Foods acquires 70 Volvo FM artics

Dec 05, 2009 (Datamonitor via COMTEX) -- VOLVY | Quote | Chart | News | PowerRating -- Iceland Frozen Foods has taken on 70 more Volvo FM artics to help it deliver goods to its 700 plus stores.
The new fleet of Volvo FM artics, which were ordered from and supplied by north west England dealer Thomas Hardie Commercials take Volvo's share of the Iceland fleet up to around 60%. All of the new vehicles are fitted with I-Shift.

Thomas Hardie is supplying driver development advanced fuel economy training to Iceland's own driver trainers.

David Hill, Iceland's contracts manager, said: "We offer everyday great value to our customers who demand quality products at competitive prices. Volvo and Thomas Hardie have responded to our need for value in the supply chain with a competitive contract hire package."

Source:tradingmarkets.com/.

What Iceland can teach the Tories

The Tories haven’t realised it yet, but out at the edge of the Arctic Circle, some hundreds of miles north-northwest of Britain, lies a small, tough nation which could teach them everything they need to know about how to deal with the European Union. The nation is Iceland. Its people may yet shame David Cameron and his Tories. They may show them how one nation can say No to Brussels, and to Lisbon, and mean it.

Just now, the Icelandic government and the Brussels eurocrats are getting ready to start negotiations for the accession of Iceland to the European Union. A chief negotiator has been appointed by Reykjavik and in October, Olli Rehn, who was then European Commissioner for Enlargement, dispatched a list of 2,500 questions to Iceland for the government to answer.This is all according to plan. The Icelandic economy collapsed last year in the most spectacular disaster of the global financial melt-down. Ever since, the empire builders of Brussels have been confident that the bankrupt and frightened Icelanders must finally be ready to exchange their independence for the ‘stability’ of EU membership. As the banks of Iceland went bust, and half the businesses and a quarter of private citizens faced insolvency, the European Commission quietly opened its diary and pencilled in Iceland’s entry for 2011.

So what a set-back for the commission, and for the pro-EU government, that opposition to joining the EU is growing among Icelanders. Last month – on the day before David Cameron said there would be no referendum under a Tory government, that the British were now powerless to say No to Lisbon – an opinion poll was published in Reykjavik. It showed 54 percent of all Icelanders oppose membership, with just 29 percent in favour.

This was the third opinion poll in a row showing a majority against EU membership. With every poll, the majority has increased. The Icelanders may have been scared out of their wits last year, but they are now climbing out from under the ruins of their prosperity and have decided that the most valuable thing they have left is their independence. They are not willing to trade it, not even for the possibility of a bail-out by the European Central Bank.

Hjortur J. Gudmundsson, director of the free market think tank Veritas Iceland, says the people believe they can manage outside the EU: ‘That might be different if we had been in the EU for years and had no experience of being on the outside. But we have been on the outside and, despite some temporary economic difficulties we are facing, we have done very well for ourselves. We have been able to take our own decisions according to our own best interests.’ He said the decision to apply for membership was only made as part of a deal in forming a coalition government last April.

The European Commission knows exactly how strong Icelandic resistance is to the EU, but it is going ahead with preparations for negotiations anyway. It appears that, as with the Irish referendums on Lisbon, 'No' is not an answer Brussels is willing to consider. The commission has staff at the EU delegation in Oslo monitoring the debate in Iceland, watching and translating news reports and political commentary, dispatching it all back to Brussels for analysis. Some Icelandic eurosceptics say the commission has observers in Reykjavik, monitoring political activities. Certainly the commission plans to open a full-time delegation there by the end of this month.

Already EU officials such as Commissioner Rehn have been making appearances on Icelandic radio and television, explaining the ‘benefits’ of EU membership. At the same time, some of those who support joining the EU claim those who insist on Icelandic independence are xenophobes. The European Commission has a propaganda budget of over £2bn a year, and the eurocrats know how to use it.

They know how to be underhanded, too. The 2,500 questions which Brussels told the government it must answer were questions on Iceland’s legal system, foreign affairs, politics, and more. The answers the government has just sent back to Brussels run to 8,870 pages in total. But Brussels submitted the questions in English, and the pro-EU government answered in English – publishing none of it in the Icelandic language, so many Icelanders cannot read what their own government has been saying about them. Even English-speaking Icelanders complain the questions were written in near-unreadable ‘bureaucratic’ English. I asked Ragnar Arnalds, a eurosceptic former Finance Minister, if the people were angry about this. ‘We do not use words like “angry” here,’ he said. ‘We say the people “criticise” the decision.’

What really sets the Icelanders against the EU is the question of handing their fishing grounds over to control by the EU. Iceland has an economic zone of 200 nautical miles, making an exclusive maritime territory seven times the size of the country itself. Fish represent one-third of Iceland’s exports. The idea of handing over control of all this to EU sovereignty is something even Stefan Haujur Johannesson, the government’s new chief negotiator on accession, has told me is unthinkable: ‘No other state has a claim on our fishing.’ He is confident that he and his negotiating team can secure an agreement to leave Iceland outside the common fisheries policy.

At the office of the enlargement commissioner, the spokesman Amadeu Altafaj is not so sure. He says of course it is ‘premature’ to say what arrangement the EU might reach with Iceland over the fisheries, but he says firmly that, ‘The EU has a common fisheries policy, and the rules that apply to all fishing must be in line with common policies. There can be no discrimination.’ I doubt the pro-EU government in Reykjavik will translate that into Icelandic, either.

Or indeed, that they will translate the articles of the Lisbon Treaty covering fisheries. The treaty says that general fisheries policy is a ‘shared competence.’ That means that when the EU and its member states share a legal power, the member state loses its power to make a decision whenever the EU decides to regulate. And the EU decides to regulate all the time.

More, Spain has made it clear it expects its fishing fleet to have access to Icelandic waters if Iceland joins the EU.

But Brussels wants to control more than just the Icelandic fisheries. The EU has aspirations to gain influence across the Arctic region. Already, three EU countries, Finland, Sweden and Denmark sit on the Arctic Council, alongside Russia, the United States, Canada and Iceland. But the EU has no seat. The council is growing in importance because of the possibilities of the polar thaw creating new shipping lanes through Canada in a Northwest Passage.

There is also the question of mineral resources in the Arctic, and the question of defence installations. Iceland has Keflavik airport, which until the Americans pulled out in 2006, was a key Nato airbase. Indeed, immediately after the financial crash last year, the Russian government stepped in with a loan to the Icelandic government of £3.5bn. Observers reckoned that Russia was trying to get friendly enough to negotiate access to Keflavik.

The EU elite would find it intolerable for all this Arctic negotiation to be going on without them. Judging by their past form, if Iceland joined the EU, they would start demanding a seat on the Arctic Council. They would argue that with four EU countries on the council, Brussels should have a voice.

The irony is that the voice that will count in all this is not the voice of Brussels, but the voice of a tiny population of 320,000 people on the distant island of Iceland. At the moment, the voice says 'No,' and there is nothing Brussels can do about it. A nation does have the power to say No to Brussels, despite what Mr Cameron says.

Source:dailymail.co.uk/

Scandinavian journalists criticise Icelandic media

The journalists’ associations of Norway, Finland, Sweden and Denmark released a joint statement this week saying they have strong reservations about developments in the Icelandic media since the banking crisis, especially the hiring of David Oddsson as editor of daily newspaper Morgunbladid.

The joint statement says that many experienced Icelandic journalists have been laid off without due notice and that these developments present a real danger to journalistic freedom in the country. They say Icelandic media should have more freedom and impartial leadership to adequately cover the country’s economic situation.

The Nordic associations question the logic of hiring the former Prime Minister and central bank head at the time of the crash, at a time when he himself is a focus of media attention.

The fact that the current chairman and vice chairman of the Icelandic Journalists’ Association have both recently been made redundant from their journalistic positions is also cited as cause for concern in the joint statement. The Scandinavian journalists’ associations closed their statement with an invitation to their Icelandic peer association to hold a conference in Iceland to discuss the state of Nordic journalism generally and to jointly address the issues raised.

Source:icenews.is/

IMF Rebuffs Stanford Victims on Antigua Despite Iceland, and Romania, Ukraine and UN

UNITED NATIONS, December 3 -- As the victims of the Stanford scam petition the U.S. Congress to stop the flow of any funds from the International Monetary Fund to Stanford's home base of Antigua and Barbuda, the IMF says such considerations play no role in its decisions.

On December 3, Inner City Press asked the IMF since, "there is a proposal in the U.S. Senate seeking to block IMF funds to Antigua until the victims of the Stanford scandal are compensated. Given the IMF's recent actions on Iceland, does the IMF acknowledge any link in Antigua between IMF funds and the compensation of banks' victims?"


IMF spokesperson Jennifer Beckman responded that "it isn’t part of the IMF’s mandate to help private parties in their claims against our member governments."


But in Iceland, the IMF held back its loan or stand by arrangement until the victims, in the UK and the Netherlands, of Icesave were made whole. The IMF is inconsistent, and refuses to forthrightly explain its policies.

Every two weeks, the IMF is supposed to hold a press briefing including online participation by accredited media like Inner City Press. There are been technical snafus, but those on December 3 reached a new low.

Inner City Press, with three or four questions to ask, logged in to the password protected IMF Media Briefing Center before the 9:30 a.m. start of the briefing. But the screen remained dark. This was no out of the normal, as Spokesperson Caroline Atkinson has several times started late.

At 9:58 a.m.., thinking that the briefing may have been delayed or canceled, Inner City Press called the IMF. The answer was that the briefing would be "rebroadcast" later in the day. But what about online participation by accredited media?

There have been technical issues, Inner City Press was told, and was advised to submit its questions in writing, they would be answered. At 10:04 a.m., Inner City Press submitted its questions, to Ms. Atkinson and the general inbox, with a cover note that

for some reason, the Webcast of this morning's IMF briefing didn't work. I waited, thinking the briefing was delayed as sometimes happens. Just now I called the IMF and was told there was a "technical issue," that the briefing would be re-broadcast. When I said I had questions to ask, I was told to send them here and they will be answered. Here they are, I am writing on these topics today:

There is a proposal in the U.S. Senate seeking to block IMF funds to Antigua until the victims of the Stanford scandal are compensated. Given the IMF's recent actions on Iceland, does the IMF acknowledge any link in Antigua between IMF funds and the compensation of banks' victims?

In Romania, the party of the presidential frontrunner has come out against what it calls IMF imposed layoffs in the public sector. Will the IMF confirm it is urging such layoffs, if so how many, and what ramifications if they are not implemented?

Yesterday 2 UN experts told the Press the IMF's Flexible Credit Line discriminates against poorer countries, & that rather than moving beyond conditionality, IMF simply imposes conditions later. Video here.


What is the IMF's response? And to allegation that health crisis in Ukraine is due to IMF imposed cuts? On deadline.

Even twelve hours after these four questions were submitted, the IMF had answered only one of them.




Crackdown on Stanford fraud, IMF not shown



Subj: On Antigua
From: JBeckman@imf.org
To: Innnr City Press
Sent: 12/3/2009 11:11:00 A.M. Eastern Standard Time

Although we are concerned about the Stanford Victims Coalition, it isn’t part of the IMF’s mandate to help private parties in their claims against our member governments.

What about the other answers? Watch this site.

* * *

IMF Murky on Angola's Oil, Bond and China Deals, Doles Out $1.4 Billion

By Matthew Russell Lee

UNITED NATIONS, November 25 -- Days after announcing a $1.4 billion arrangement with Angola, the International Monetary Fund held a press conference call to offer explanations. At the end, things were murkier than before. Inner City Press asked if the IMF had been able to fully assess the income and distribution of revenue from the state owned oil company Sonangol.

The IMF's Lamine Leigh, who led the Fund's missions to Angola in August and September, replied that "in the context of our negotiations, Sonangol participated fairly well." Inner City Press asked, since Sonangol has accounts in off shore financial centers and tax havens, if the IMF had gotten to the bottom of these accounts.

After a long pause, Lamine Leigh proffered another answer, that the government has "committed to steps in the more general area of resource revenue transparency." But what about the Sonangol accounts?




Oil in Angola, Sonangol's accounts not shown


Inner City Press asked about the statement by IMF Deputy Managing Director and Acting Chair Takatoshi Kato that in Angola "measures will be taken to strengthen further the regulatory and supervisory framework." The IMF's Senior Advisor on Africa Sean Nolan replied that the IMF analyzed the effect of the exchange rate on borrowers and "on the banks."

In fact, Angola's government has gotten billions in pre-export oil loans from, for example, BNP Paribas, Standard Chartered and Deutsche Bank. The latter has made similar loans in Turkmenistan, assailed by transparency and human rights advocates. How much of the IMF's new arrangement benefits these banks?


In fact, the questioner after Inner City Press, cutting off follow up, was from Standard Bank. Other than Inner City Press, the only other media questioner was from Reuters.

Before the call ended, Inner City Press was able to ask about Angola's reported $4 billion bond sale planned for December. Sean Nolan said that the IMF's "understanding" with Angola does involve a "fundraising effort," but that the timing was not agreed to, the IMF does not "micromanage" to that extent. Nolan added that there is an agreement on an "overall limit."

"Is it four billion dollars?" Inner City Press asked.

Nolan replied that the precise limit will be "clear in the documents," which have yet to be released. Why play hide the ball?


Nolan praised the country for "appointing reputable financial and legal advisers for the transaction" -- JPMorgan Chase will be the manager.

Nolan continued that the actual size of the bond sale will depend on how much "concessionary lending" Angola gets from "countries with a strong record of financial support to Angola."

Inner City Press asked if the size of China's loans to Angola -- China gets 16% of its foreign oil from Angola -- were known by the IMF or considered.

"That hasn't figured in our discussions," the IMF's Nolan responded. Why not? Watch this site.

* * *

IMF's Report Buries Its Icesave Conditionality, Enforcer's Duplicity?

By Matthew Russell Lee

UNITED NATIONS, November 3 -- While the IMF has acknowledged that its second round of disbursements to crisis-hit Iceland was delayed for months by the country's failure to placate those in the Netherlands and UK who did business with IceSave, the IMF's just released report on Iceland buries the issue on page 30 of the 98 page report. The IMF states that

"[t]he terms and conditions of Nordic loans, amounting to $2.5 billion, have been finalized. Their disbursement has been linked to resolution of the Icesave dispute with the U.K. and Netherlands over deposit insurance liabilities. After protracted discussions, the three governments have reached an agreement on this"

Once that agreement was reached, on October 18, the IMF then went forward with a letter of intent and memorandum of understanding for the second tranche of financing. But, as with the IMF's moves in Latvia for Swedish banks, some see the Fund operating as an enforcement or collections agent for creditors who even less would like to show their hand.




Iceland / Icesave protest, but is the heartfelt sign true?


Since the IMF does not like to admit or reveal its degree of control over the countries it lends to, the de facto conditions for loans, such as paying off on IceSave, are often not explicit in what purport to be full agreements containing all express and implied terms.

In fact, the IMF has claimed that it "no longer" engages in conditionality. But the Iceland report has an entire chart about conditionalities. It's just that the most important one was left unsaid. Is this diplomacy or duplicity?



The IMF's Iceland report continues, about other loan requests including from Russia:

"A loan from the Faroe Islands ($50 million) has already disbursed, and a loan from Poland has been agreed ($200 million), and will disburse alongside the next 3 program reviews. A $500 million loan originally committed by Russia is no longer expected, but the $250 million in over-financing in the original program, an expected macro-stabilization loan from the EU ($150 million), and use of an existing repo facility with the BIS ($700 million, of which $214 million is outstanding) will more than offset this."

Offset may be the right word. Last year, in the midst of Iceland's abortive run for a seat on the UN Security Council, the country announced it had to seek a $4 billion loan from Russia. It was after that that the IMF loan commitment was made -- an "offset," some saw it -- and after talks in Istanbul, on October 15 the already whittled down loan request to Russia was formally rejected.


Then the deal with the UK and Netherlands, and the IMF's releasing. While the IMF calls these types of moves only technical, others call them power politics. Watch this site.

* * *

IMF Plays Ukraine, Zim and Pakistan As "Technical" Questions, Pushes Tax Hikes in Serbia

By Matthew Russell Lee

UNITED NATIONS, October 22 -- Are the International Monetary Fund's negotiations with countries about the level of taxes and salaries for public sector employees, the pricing of electricity and the privatization of social services political, or merely "economic and technical"? The questions arose Thursday in connection with Ukraine, Zimbabwe and Pakistan, among others, in the IMF's first press briefing since its annual meeting in Turkey.

IMF spokesperson Caroline Atkinson fielded questions for half an hour, leaving unanswered one submitted by Inner City Press about Serbia, where the IMF's Paul Thompson has been quoted that "if the Serbian delegation has a concrete pan for decreasing expenses, we will support it, if not, they will have to agree with us and think about increasing taxes." Left unanswered: how is raising taxes merely "technical"?

Ms. Atkinson did respond to Inner City Press' questions about Ukraine, Zimbabwe and Pakistan. While a full transcript is available online here, and video here, in sum the Q & A went as follows:

Inner City Press asked, In Ukraine, the opposition party is critical of the IMF as funding the campaign of Tymoshenko. What is the IMF's response to the opposition's criticism? Ms. Atkinson replied that IMF funds go to the central bank, and that the IMF has a team on the ground in Kiev for a third review.

The opposition was not, it seems, saying that money from the IMF is being used by Tymoshenko for advertisements or to pay poll workers, but rather "MP and opposition government's finance minister, Mykola Azarov, said this at a meeting with delegates of an IMF mission, 'We must say that the program of cooperation with the IMF has turned out to be ineffective, and nothing is left but to consider the IMF's assistance as politically motivated, as funding of one of the candidates running for the presidency.'"

When another reporter asked a follow up question about Ukraine, wondering if with the IMF mission on the ground, the upcoming election "is an issue," Ms. Atkinson said the IMF does not comment while a mission is in the field, negotiating a program, but that information -- and one hopes some questions and answers -- will be provided once the mission is completed




IMF points the way, in budgets... and politics?


On Zimbabwe, Inner City Press asked, "NGOs are critical of the IMF for, they say, pushing Zimbabwe to privatize its social services system. Has the IMF pushed for that, and how does it respond to the criticism?" Ms. Aktinson, while saying she can get back to Inner City Press with more information, argued that the IMF does not favor or disfavor particular privatizations, but must be pushing to strengthen the social service sector to help the poor.

But speaking just ahead of civil society's consultative meeting with an IMF team under Article IV of the Fund's Articles of Agreement, NANGO said "'we are opposed to some IMF polices such as privatization of basic social services. We know it from the past that some IMF policies have worked against people in this country. They have affected the social services sector and their polices are anti-people and negative'... [NANGO] said some of the IMF instigated polices which had brought suffering to the people were the Economic Structural Adjustment Programme (ESAP) and Zimbabwe Programme for Economic and Social Transformation (ZIMPREST)." It's a pretty specific critique, and we'll publish the IMF's response upon receipt.

Following up on Inner City Press' questions and article from August 2009, it asked "in Pakistan, the IMF in August extended for a year the country's time to eliminate electricity subsidies. Now, while the IMF says 2 price increases will be implemented, others say this is not possible politically. What is the IMF's thinking on consumer power pricing in Pakistan?"

Ms. Aktinson replied that "as I believe you know, the issue of issue of electric subsidy is typically done by the World Bank and Asian Development Bank," that IMF gets involved due to the budget."we will be having another review of the Pakistan program in early November." We'll be there....

* * *

On Food Speculation, UN's Expert Says Nothing's Being Done, S. Korean Land Grabs from Madagascar to Sudan, Brazil on Ethanol


By Matthew Russell Lee

UNITED NATIONS, October 21 -- After many speeches at the UN about the need to crack down on financial speculation in food, nothing has been done, the UN's expert on the right to food told Inner City Press on Wednesday.


Olivier de Schutter, a Belgian law professor just back from a visit to Brazil about, among other things, the loss of land for food to ethanol, replied that "nothing is moving at the inter-governmental level." This despite a statement by the G-20 in April favoring the regulation of hedge funds which present systemic risk. The argument is that commodities index funds which speculate in food present systemic risk to net food importing countries. But nothing has been done.

De Schutter spoke about the monopolization of the seed industry, and made a slew of recommendations for governments. The three top monopolizers -- Monsanto, Dupont and the Swiss-based Syngenta -- are all members of the UN Global Compact, and claim to comply with human rights. De Schutter pointed out the antitrust law is directed as national and not global or subnational markets. It is all very heady but one wonders what effect it has.

Brazil might be one of de Schutter's claims to impact. He spoke glowingly of President Lula, saying that Brazil has said that only 19% of land can be used for sugar cane for ethanol, and has committed to monitor labor rights. But what about, for example, Indonesia and Malaysia?




De Schutter, action on food speculation not shown


After De Schutter's briefing, Inner City Press asked his staffer for an update on the proposed land grab in Madagascar by South Korea based Daewoo, which was reputed after the coup in that country. De Schutter had been scheduled to visit, but it was put off by the coup. The same thing happened in Honduras. So perhaps De Schutter does have an effect after all, mused one wag.

Footnote: immediately after De Schutter's briefing, the UN's Haile Menkerios was scheduled to speak to the Press about Madagascar. While the UN usually compartmentalizes its work such that a rapporteur looks at land grabs, while the Secretariat remains on "political affairs" narrowly defined, this land grab played a role in the change of government. Now it's said the South Korean deal is being pursued from India, while South Korea appears to have moved on to 690,000 hectares in Sudan. Watch this site.

Source:innercitypress.com/

Iceland Pledges to Pass U.K., Dutch Depositor Bill This Month

Dec. 1 (Bloomberg) -- Iceland won’t seek amendments to an accord with the U.K. and Netherlands obliging the island to cover depositor guarantees, paving the way for lawmakers to pass the bill this month, Finance Minister Steingrimur Sigfusson said.

“We’ve exhausted our negotiating options,” Sigfusson said in an interview in Reykjavik yesterday. “I’m still optimistic that this bill will pass long before Christmas.” Parliament is currently debating the accord in the second of three sessions.

Opposition lawmakers had threatened a second round of brinkmanship on the bill, which has already undergone one set of amendments to satisfy demands made by the parliament. Failure to ratify the agreement would prolong an international spat that culminated in the U.K.’s deployment of anti-terror legislation to freeze Icelandic assets at the end of last year.

The island will be in “big trouble,” if it doesn’t conclude the depositor guarantee talks, Prime Minister Johanna Sigurdardottir said in an interview yesterday.

“I’m certain that the deal that’s on the table is the best possible deal we could get,” she said. “If it should emerge at a later stage that Iceland wasn’t legally obligated to cover these deposits, we will call on the U.K. and the Netherlands to revisit the agreement.”

Credit default swap spreads on 5-year sovereign debt rose to 411 basis points on Nov. 30 from 353 basis points on Oct. 30.

‘We’re Trying’

Iceland agreed on Oct. 19 to borrow 2.35 billion pounds ($3.92 billion) from the U.K. and 1.2 billion euros ($1.81 billion) from the Netherlands to cover Internet bank deposits in so-called Icesave accounts created by failed lender Landsbanki Island hf.

Failure to ratify the accord by Dec. 1 would allow the U.K. or the Netherlands to cancel the loans, though the two countries haven’t indicated they’ll do this, Sigurdardottir said.

“The U.K. and the Netherlands are aware of the fact that we are trying our outmost to pass this bill as speedily as we can,” she said.

The lack of an agreement covering foreign depositor claims prompted the International Monetary Fund, on which Iceland is relying for a $2.1 billion loan, to shelve a review and disbursement of funds until an initial accord was struck. The island at the end of October received a $167 million tranche.

“We hope that a second review of our economic program will take place in January,” Sigfusson said.

Thousands of foreign depositors risked losing their savings after Landsbanki collapsed with the rest of Iceland’s debt-laden banking system 13 months ago. Iceland is relying on a $4.6 billion bailout from the IMF and Nordic countries to avert bankruptcy.

Source:bloomberg.com/

Iceland Abandons December EU Accession Bid After Depositor Spat

Nov. 27 (Bloomberg) -- Iceland has abandoned plans to start entry talks with the European Union next month after the bloc said a failure to resolve U.K. and Dutch depositor claims would prevent the island from moving forward on its membership bid.

The north Atlantic island now targets March accession talks, Foreign Minister Ossur Skarphedinsson said in a telephone interview today. Iceland, which had originally targeted December talks, has been waiting for a date from the European Commission since applying for EU membership in July.

“Given the circumstances, I think it’s unlikely that Iceland will be admitted as an application country until March,” Skarphedinsson said. “We have to wait until a new commission has been confirmed in order for it formally to send the EU leaders its report.”

The EU’s decision to link Iceland’s accession bid to settling foreign depositor claims has drawn criticism from the island’s government. Prime Minister Johanna Sigurdardottir said yesterday there is “not a single argument” for connecting the two matters. An agreement with the U.K. and Netherlands to take on a loan from the countries to cover the so-called Icesave claims isn’t legally binding, Sigurdardottir told U.K. Prime Minister Gordon Brown in a Nov. 17 letter.

“I think it is advisable that the Icesave debate is behind us before we take the next step,” Skarphedinsson said. “I want to underline the fact that both Carl Bildt,” the Swedish foreign minister, “and Olli Rehn,” the EU’s enlargement commissioner, “have said that the two are not in any way interlinked.”

Meeting Today

Iceland’s parliamentary foreign-relations committee met today to address a European Parliament vote pressing the country to settle the U.K. and Dutch depositor claims.

The European Parliament said the degree of Iceland’s compliance with the European Economic Area agreement should be an “essential element” in an assessment of the country’s membership application. The EEA accord extends EU bank regulations, including deposit-guarantee rules, to Iceland.

The meeting was called after a Bloomberg News report on the European Union parliament’s non-binding resolution that Iceland should ratify an accord with the U.K. and the Netherlands on guaranteeing foreign depositor claims.

Thousands of U.K. and Dutch depositors risked losing their life savings after Landsbanki Islands hf, which offered high- interest Icesave online accounts, collapsed with the rest of Iceland’s debt-laden banking system a year ago.

Not on Table

Iceland reached an amended agreement with the two countries in October on how to repay depositors of the Icesave accounts. That deal still needs to be ratified in parliament.

Iceland Finance Minister Steingrimur Sigfusson said yesterday he is “optimistic” that the Icesave agreement will be passed through parliament within days. “Waiting until the new year isn’t on the table,” Sigfusson said.

Iceland is relying on international loans to stay afloat, including $2.1 billion from the International Monetary Fund and $2.5 billion from the Nordic countries of Denmark, Finland, Norway and Sweden. The U.K. has lent Iceland $3.9 billion and the Netherlands is providing $1.8 billion in loans to cover depositor guarantees. That compares with the island’s gross domestic product of about $11 billion.

Source:bloomberg.com/

Iceland opens despite planning row

Razz the Clown and Auntie Pearl helped open a new branch of Iceland in Cromer on Thursday.

The two local celebrities, who are regulars at events around the county and appear regularly at Norwich City Football Club, handed out balloons and greeted customers to the shop along with Iceland staff members.

The shop still does not have planning permission for all the alterations made to it since it was converted from a redundant Woolworths.

But as reported previously, the planning authority North Norfolk District Council has agreed to allow Iceland three months to resolve the planning permission refusal before taking any action against them.

Iceland also has the option of appealing against the refusal.

Source:northnorfolknews.co.uk/

Iceland: New Country Report Provides Analysis of Domestic Politics and Economic Growth

According to the report “Country Report Iceland November 2009” available at http://www.reportbuyer.com/go/EIU00836 the Icelandic general election in April 2009 resulted in victory for a centre-left coalition comprising the Social Democratic Alliance (SDA) and the Left-Green Movement (LGM). The Independence Party (IP), which had been the dominant governing party for several decades before being forced out of office in January 2009, was kept in opposition. After negotiations on policy, including a decision to seek to start talks on EU membership, a new government was formally installed in May, led by the prime minister, Johanna Sigurdardottir (SDA). It has a narrow overall majority, with 34 of the 63 seats in the Althingi (parliament). Ms Sigurdardottir is having to work closely with the leader of the LGM and minister of finance, Steingrimur Sigfusson in introducing unpopular measures viewed as necessary to deal with the crisis that the government inherited.

The new government has held together through many difficult negotiations over such measures and the thorny issue of compensation to the UK and the Netherlands governments to repay insured depositors with Icesave, the online branch of a failed bank, Landsbanki (see Economic policy). The Economist Intelligence Unit's central forecast is that the coalition will continue to hold together despite substantial differences between the parties and an unwillingness of some LGM members of parliament (MPs) to go along with the compromises agreed by the LGM members of the government. However, this forecast is subject to significant risk.

The two main opposition parties, the IP and the Progressive Party (PP), which together have 25 seats (excluding four independents), are expected gradually to build themselves up into a coherent alternative government. The former leading government party, the IP, was most strongly blamed for the banking collapse and suffered sharp losses at the April election, receiving just 24% of the vote (down from 37% in 2007) and 16 seats. However, it has made a break with the past under its new leader, Bjarni Benediktsson, and is recouping some of the support that it lost. The centrist PP has nine seats in parliament, having fared better than expected at the election. The Civic Movement (CM), a new party formed prior to the election, had four MPs elected under its banner, but all four have since left the CM.

The report “Country Report Iceland November 2009 Updater” is available from Report Buyer at:
http://www.reportbuyer.com/countries/europe/country_repo ...

Report Buyer product ID: EIU00836

About Report Buyer.
Report Buyer
(http://www.reportbuyer.com/countries/europe/index.html) is the independent online store for global business information. The website now lists more than 100,000 company overviews, market research reports, industry studies and business books from over 290 specialist publishers. Thousands of professionals from across the world make ReportBuyer.com their first choice in their search for quality business insight.

Source:prlog.org/

Nasdaq Calls for Delisting of Iceland’s deCODE

The Nasdaq stock exchange in New York has announced to Icelandic company deCODE Genetics that its stocks will be deactivated on November 30. The reason is a moratorium on the company’s payments granted by a Delaware court.




The headquarters of deCODE in Reykjavík. Photo by Páll Kjartansson.

According to a news story on PR Newswire, the Nasdaq announcement also revealed that deCODE has yet to submit its settlement of accounts for the third quarter of this year, visir.is reports.

deCODE can appeal Nasdaq’s decision and the company is intending to do so. However, it is uncertain that the appeal will be successful.

Last week it was announced that deCODE had signed an agreement with American company Saga Investments LLC on the latter company’s acquisition of deCODE and its entire operations. The agreement was made in accordance with section 363 of the American insolvency law.

Source:icelandreview.com/i

Independence Party regaining Iceland’s support

The Independence Party is now the most popular in Reykjavik, according to the latest Gallup poll.

Iceland’s Independence Party received 39 percent support, while 34 percent of respondents said they would vote for the Social Democrats. The Left Green Movement came next with 21 percent and the Progressive Party polled four percent.

The Independence Party therefore gained one percentage point since the last poll and has regained strength to levels last seen in spring 2008.

The Social Democrats have been on the downswing in recent opinion polls and lost one percent on their showing in July. Their Left Green coalition partners on the other hand, have added four percent to their popularity since last time. Support for the Progressive Party has been volatile and their current level of support represents a two percent drop from July.

6,000 people were asked to take part in the survey and 70 percent accepted.

Source:icenews.is/

Iceland’s DeCODE Files Chap 11

Icelandic drug developer, DeCODE Genetics, has filed for bankruptcy protection in the U.S., The Wall Street Journal reports. Under the Chapter 11 filing, the company has reached a preliminary deal to sell most of its operations to Saga Investments for about $14 million, adds Bloomberg.

The proposal by Saga, which is owned by venture-capital investors, Polaris Venture Partners and ARCH Venture Partners, is subject to court approval. The two largest shareholders for the DeCODE, which posted an $80.9 million loss for 2008, are T Rowe Price Associates and Landsbanki Islands.

Source:emii.com/

Iceland president to get honorary degree

Iceland President Olafur Ragnar Grimsson is noted for his work with climate change and land restoration.




The president of Iceland will be honored at Ohio State’s fall commencement ceremony when he receives an honorary degree for public service. President Olafur Ragnar Grimsson is noted for his work with climate change and land restoration.

“This is the greatest honor that the Ohio State University bestows for a unique contribution in any area of science, culture, art and service,” said Rattan Lal, a professor of soil science. “The recipients of the honorary degree from OSU are very distinguished persons representing their profession.”

Grimsson is no stranger to OSU. He visited in April 2007 and signed three agreements with former OSU President Karen A. Holbrook to help foster cooperation on research relating to soil erosion and climate change. The signing was part of Grimsson’s visit that included a lecture about scientific research and its role in solving global concerns. He also spoke about efforts to increase research concerning the increasing soil erosion and glacier retreat afflicting his country.

“He has been at the forefront in mobilizing the policy makers to address the issue of climate change,” Lal said. “He is very concerned with land degradation and desertification, especially in Africa and Asia. He and his government have established training programs for scientists from Africa and Asia to come to Iceland and learn from their experiences.”

OSU also has a collaborative program with the University of Iceland.

The agreements Grimsson and Holbrook signed initially called for
undergraduates students to exchange between OSU and the University of Iceland. Another provision of the agreements called for a study abroad group to be sent to the Agricultural University of Iceland in June 2007.

Grimsson shared his thoughts about the global climate change at his 2007 lecture at OSU.

“I’ve been following the debate in the U.S. for more than 20 years, and I’ve noticed a dramatic change in public opinion and actions among those who act at the city level, the household level and the corporate level,” Grimsson said. “All over the U.S. you see a concern and an activity that was not there five or even three years ago.”

Grimsson has served as the president of Iceland since 1996. His dedication to global climate has not wavered, despite the financial status of his country. Iceland has been hit especially hard by the financial crisis, mostly because of a failure in its banking systems.

“If Iceland can do this coming from the history of being one of the poorest countries in Europe ... the richest nations in the world should be able to do it as well,” Grimsson said in 2007.

Lal nominated Grimsson for the honorary degree in 2007.

“However, the process takes a long time before the approved nominee is invited by the president of OSU to receive the award,” Lal said.

The nomination process can take up to a year and is subject to approval from the OSU Board of Trustees. Any faculty member can prepare a nomination and submit it to the Honorary Degrees Committee, established by the University Senate.

The board approved Lal’s nomination in November 2008.

According to the University Senate Web site, the awarding of honorary degrees should express the university’s highest ideals and recognize achievements. The faculty and the community should regard an honorary degree as evidence of “genuine accomplishment.”

Grimsson “is a role model in setting up an example by establishing a program of land management and restoration so that Iceland can be an emission-neutral nation. I hope that other world leaders will follow in his footsteps,” Lal said.

Grimsson will be in attendance at the fall commencement ceremony Dec. 13. He will receive a plaque at the pre-commencement dinner Dec. 12, followed by the honorary degree at the ceremony. Accompanying him will be his chief of staff and the first lady of Iceland.


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Source:thelantern.com/

Iceland asked to help set mackerel quota

Icelandic Minister for Fisheries, Jon Bjarnason has officially recognised an invitation sent to him from the European Union, the Faroe Islands and Norway asking Iceland to participate in Mackerel quota setting in the Northeast Atlantic. The meeting will take place March and this is the first time Iceland has been asked to attend.

A statement from the Ministry of Fisheries says that all four administrations are agreed that the mackerel stocks should be harnessed sustainably and agree on the importance of a united policy to maintain stocks. The news comes shortly after the Icelandic minister gave his approval for a unilateral 130,000 tonne mackerel quota in 2010.

Iceland has been lobbying hard for a place at the table for several years; but repeated refusal by the other three parties led to the country issuing its own mackerel quota; and some argue that too-high quotas have been deliberately set to force the EU, Faroes and Norway’s hand. The problem arises because mackerel are relatively new to Icelandic waters and no tradition of commercial mackerel fishing exists.

Icelandic vessels only began fishing mackerel two years ago, but 2008’s catch was nearly 120,000 tonnes. That is more than half the weight of Iceland’s established cod catch.

Source:icenews.is/

Fair Play prize for Iceland 'role models'

Iceland coach Siggi Eyjólfsson praised his team's conduct during UEFA WOMEN'S EURO 2009™ after he received the Fair Play award on their behalf for this summer's finals in Finland.

Fair Play prize
Taking part in their first senior final tournament for men or women, Iceland topped the fair play rankings ahead of France and England in a competition notable for positive football. Eyjólfsson collected the trophy – on his 36th birthday – at the UEFA Women's National Team Coaches Conference in Nyon, Switzerland.

'Role models'
"I think it's recognition of what we've achieved," Eyjólfsson told uefa.com. "I think we played tough but fair in the tournament. We have a physical team but we play according to the rules, and I think that's important. I don't like my players to argue with referees, and I want them to be role models and play the game in the right way. It's nice to get the trophy too; we have something to show for it."

Source:uefa.com/

Guest Post: Whirlwind Roundtrip of Iceland’s West Fjords

View from Strandir, West Fjords, Iceland

Instead of driving straight there, we decided to take a detour to Strandir on the eastern coast of the peninsula and camp one night “Where The Road Ends” (as one inhabitant, author Hrafn Jökulsson, dubbed the region in his eponymous book).

We were told that the drive from Hólmavík, the largest settlement in Strandir with its 369 inhabitants, to the end of the road would take around two hours… It did not. How fast do the locals drive on these impossible roads?

While low-hanging clouds blocked the full view of the majestic landscape, they also added to the air of mysticism that has always surrounded Strandir. It has an eerie beauty like no other place in Iceland.



Strandir view, West Fjords, Iceland

Locals are reputed to have resorted to sorcery to survive in this hostile environment and, after having experienced it on my own skin, that didn’t seem entirely unreasonable. In celebration of that reputation, Hólmavík boasts a Museum of Icelandic Sorcery and Witchcraft, its exhibitions reaching Bjarnarfjördur, where you can visit the Sorcerer’s Cottage, and Kistan in Trékyllisvík, a cleft where three convicted sorcerers were burned to death in 1654.

In spite of its dark history, Trékyllisvík is a peaceful and green oasis in the desert. It is the largest place of settlement in Árneshreppur in the northern part of Strandir—there are only around 50 inhabitants in the entire municipality.

Other settlements are Djúpavík, which used to be a thriving fishing village but has now been reduced to a ghost town where the only all-year inhabitants are the local hotel owners, and Gjögur, where, surprisingly enough, an airport is located. The road to Árneshreppur is often closed in winter, so inhabitants rely on supplies being flown in.

Taking a breather in Gjögur was a bizarre experience: first an airstrip in the middle of nowhere and then this cluster of houses and not a single person. The Arctic terns seem to have taken over the place, judging by their hostile welcome. Ah, the screams! And then they skydive to peck your head. I thought it best to seek shelter in the car and keep moving.

Nordurfjördur, north of Trékyllisvík, has the region’s grocery store and offers scheduled boat trips to Hornstrandir, the northernmost part of the West Fjords, now only inhabited by wild creatures. Road number 643 continues to Eyri in Ingólfsfjördur, where abandoned fish factories are reminiscent of a once blooming industry.

Jeepers can move on to the next fjord, Ófeigsfjördur, but from there, travelers must rely on their own two feet to reach the desolate Hornstrandir.

If you take a different turn by Nordurfjördur, the road leads you to the most extraordinary outdoor swimming pool at Krossnes. Located on the beach, you can feel your weariness melt away as you listen to the waves crash against the shore and watch the ocean merge with the sky far away on the horizon.



Krossnes outdoor swimming pool, West Fjords, Iceland

Back to Mjóifjördur. The clock was ticking away and yet we couldn’t move any faster along the gravel road. The weather was clearing with rays of sunlight peering through the gloomy clouds and sunny spells in between showers.

There were rainbows everywhere and lots of greenery compared to Strandir, and it seemed impossible to be in a hurry amidst such beauty. Besides, drivers must be mindful of stubborn sheep on the road and cheerful farm dogs that chase the car.



Driftwood close to the road, West Fjords, Iceland

Suddenly we spotted a seal lazing on a rock in the middle of the fjord—what an adorable and unexpected sight.

Out of Mjóifjördur and we still had four fjords to go. They all lead out of the larger Ísafjardardjúp, which almost splits the West Fjords peninsula in half.

The scenery is absolutely breathtaking. In sunny and calm weather, the steep mountains are reflected in the fjord’s smooth surface. Bubbling springs fall over cliffs and into the ocean and the islands Aedey and Vigur on Ísafjardardjúp are a delight to the eye. Boat trips to these islands are offered from Ísafjördur.

Hamlets like Súdavík (pop. 181) nestle between the seashore and the steep mountains, their multicolored rooftops gleaming in the sun.

Suddenly we noticed something ripple the ocean’s smooth surface from the car window. A reef? No, that’s not it. Could it be? Indeed, a whale had decided to surface right before our eyes. Amazed, we stared as the massive animal took a dive and then waved goodbye with its gigantic tail. Excited, we waited to watch it resurface—and then all we needed was an eagle and a fox to complete our safari. Unfortunately, we had no time for safaris… we had a wedding to go to!

Finally, we entered Ísafjördur (pop. 2,975). After all these tiny villages along the way, the capital of the West Fjords looked like a big bustling city. We made it just in time.



Ísafjördur at midnight in July, West Fjords, Iceland

What a day to get married! The sun shone brightly on the happy couple as they said their vows in a flowery garden up in the hills with a view of Ísafjördur and the mountainous backdrop mirrored in the ocean.

On such bright summer days so close to the Arctic Circle night never falls, and so the party continued into the wee hours of the morning, when we finally crawled into our tent.

Note to self: Don’t be in a rush when visiting the West Fjords next time.”



Source:tipsfromthetlist.com/

After economic collapse, Iceland agrees 'honesty' is key

REYKJAVIK — After a year of soul-searching over the financial crisis that floored Iceland's economy, Icelanders are apparently yearning for the return of old-fashioned qualities like honesty.

Honesty came top on Saturday when 1,500 Icelanders gathered in Reykjavik were asked to discuss what kind of society they wanted.

A grassroots organisation calling itself The Anthill convened a so-called National Assembly of 1,200 people from the age of 18, chosen randomly, along with 300 representatives of organisations and institutions.

They were asked to name the values Icelandic society should be based upon, as well as their vision for the country's future and possible ways of rebuilding the country's economy and society.

"We have been trying to find a vision for Iceland, what kind of society we want for the future," participant Erlingur Hansson told AFP.

"We want to have honesty number one in this society and hope that it will be followed," he said.

In October 2008, the nation of 320,000 people saw its oversized financial sector crumble amid the global credit crisis, forcing the government to take over the three biggest banks.

As the country teetered on the brink of bankruptcy, Icelanders took to the streets to vent their fury over having lost their savings and their jobs -- all because of the actions of what many perceived as a few overly-aggressive and out-of-control bankers.

On Saturday, participants were divided into 162 tables, and each table agreed on the value they wanted to emphasis. A large majority of the tables named honesty.

Other important values were equality, respect and justice.

"We have high expectations from this meeting," Dora Johannsdottir, an elderly participant, said.

"This is going to change much of the values of this society," she added.

Halla Tomasdottir, one of the National Assembly organisers, told AFP one of the reasons for the meeting was to try to halt the negativity that has prevailed in Iceland since the start of the crisis.

"We are seeking positive solutions to the situation we find ourselves in. This is a unique opportunity to ask ourselves what kind of a nation we want to be and what kind of a nation we want to hand down to our children," she said.

Iceland's government was not involved in the event but supported it financially with seven million kronur (56,000 dollars, 37,500 euros).

Source:http://www.google.com/hostednews/afp/article/ALeqM5gKlu6b2lM2-a3p9-CF73sx24m2Ag

Iceland-based herbal products company opens Port Richey office

Thrainn Thorvaldsson, managing director of SagaMedica in Iceland, recently toured West Pasco to promote the company's herbal products. The firm recently opened a branch office in Port Richey.





More than a thousand years ago during their long voyages, the Vikings came across a plant in Iceland that seemed to boost their endurance.

Today, many people are discovering a natural dietary supplement derived from Angelica archangelica, an herb the Vikings discovered. The Icelandic company SagaMedica is establishing a branch office in Port Richey to market its line of various products, which officials claim can bolster immunity, boost memory, promote vitality or soothe throats with herbal lozenges.

Thrainn Thorvaldsson, managing director of the parent company in Iceland, recently toured West Pasco to meet with doctors here. SagaMedica USA is led by John Skelton, director, and Dr. Cynthia Rathbone, consultant pharmacist and director.

"The Vikings used to sell this all over Europe," Skelton remarked about the Angelica plant upon which SagaMedica products are based. Angelica became like an unofficial currency among trading partners in the days of Leif Ericcson.The health care debate is shifting the focus more toward preventive care, so local doctors are open to alternatives, Skelton pointed out.

"A lot of them are changing their thinking," Thorvaldsson said about doctors with a renewed interest in preventing problems, rather than treating them.

Despite an often harsh climate, Icelanders tend to have some of the longest life spans in the world, Skelton noted.

Skelton himself has tried SagaPro, which seem to help him as much or more than a prescription drug. A member of Rotary Club of New Port Richey, Skelton introduced SagaPro to several fellow Rotary members who raved about the results.

The company is based on 16 years of scientific research headed by Dr. Sigmundur Gudbjarnason, professor emeritus of biochemistry and organic chemistry at the University of Iceland.

Gudbjarnason was dismissed as a "fish monger" in the 1970s when he predicted many people would clamor for omega-3 compounds found in fish, Skelton noted. Gudbjarnason considers himself vindicated, though, as sales of fish oil and omega-3 products skyrocketed.

Thriving in the Arctic and Iceland's volcanic rocks, the whole Angelica plant is used - stems, leaves, seeds and roots - with various beneficial health effects.

"They won't make claims they can't substantiate," Skelton said about SagaMedica researchers and executives.

SagaPro, the first product extensively promoted here, can help with various health problems, Thorvaldsson said, but seems especially useful for people who must go to the bathroom frequently. An overactive bladder can inflict both men and women. The condition becomes more pronounced as people get older. SagaPro contains flavonoids, plant-derived antioxidant compounds that appear to counteract some of these effects. Positive effects on asthma sufferers have been observed.

Dr. Lawrence D. Hochman with Florida Cancer Institute-New Hope wrote a letter in May to Skelton to testify about benefits of SagaPro for several dozen patients enduring radiation therapy for prostate cancer. SagaPro appears to help urinary flow of the patients, Hochman wrote.

Perhaps about 70 percent of SagaPro sales are snatched up by sleep-deprived wives for their husbands who had been suffering from frequent urination, Thorvaldsson observed. Men tend to be reluctant to admit they have a problem, Skelton said with a chuckle.

More information about the SagaMedica USA herbal products is available on the company's Web site.

Source:tbo.com/

Win a Trip to Iceland!

You know we at PASSPORT Magazine have a bit of an obsession with Iceland. So much so, that we're going again and braving the cold for a New Year's excursion. Discover for yourself exactly what is so wonderful about Iceland by entering this fabulous contest brought to you by PASSPORT and Iceland Air.

This prize includes all the ingredients you need for a special getaway to the top of the world... gay friendly Iceland! Exotic Iceland offers both high tech and high adventure surrounded by breathtaking scenery. Plus, enjoy some of Europe's best nightlife!

Grand Prize Includes:
Travel in Icelandair's newly upgraded Economy class featuring leather seats, excellent legroom and an In-flight Entertainment System.

Stay two nights at an Icelandair Hotel in Reykjavik. The four star Icelandair Hotels offer friendly service and great amenities as well as easy access to the famous nightlife and culture of Old town Reykjavik.

Scandinavian buffet breakfast daily. Start your day right, Nordic style!

Source:passportmagazine.com/

Dubai: the new Iceland?

Eirikur Bergmann: Dubai seems to be teetering on the brink like Iceland was last year. But for the expat emirate, things could be even worse

Friday, 27 November 2009

When the University of Chicago professor, Robert Z Aliber, came to Reykjavik in 2007 and saw the many building cranes rising from the tiny and northernmost capital in the world, he immediately saw that the bubble was going to burst. Like most critics of Iceland's economic boom at the time, his prediction was dismissed by the whole Icelandic establishment. They claimed that Aliber, as a foreigner, didn't have a profound enough understanding of the uniqueness of the Icelandic society.

When the Icelandic Viking economy came crumbling down in the second week of October 2008, many economists started to take another look at Aliber's theory. And now their eyes are turning to the crisis in Dubai. For a while, more than a quarter of all the building cranes of the world were gathered in this small city state in the United Arab Emirates. It almost feels as though the Dubai skyscrapers are collapsing under their own weight.

It is a strange feeling to witness your country falling apart before your eyes. You first start to panic when you realise that there is nothing you can do to stop the crash. When the crisis hit Iceland's shores last year the rock of the Viking economy proved to be nothing more than clear water. Now we shall have to wait and see whether Dubai's economy is built only on sand, or if a more solid base can be found to underpin its economy.

If there is anything to be learned from Iceland's experience, then it is that authorities need to act very quickly when a financial crisis hits. The country's three main banks all fell within three consecutive days, sending a shockwave through the whole banking system in Europe. During that horrible time Iceland found itself quite alone in the world, creating a kind of bunker mentality within the country. Anything foreign started to be viewed as a potential threat. And for a while the outlook for this tiny nation in the north Atlantic seemed pretty bleak.

But now, a year on, Iceland is slowly starting to recover. Many people have surely lost a lot of money, homeowners have seen their debt rise – some are in negative equity – unemployment is up to almost 9%, the highest in the history of our young republic, and our currency's value has fallen by half from its strongest position in 2007. However, contrary to many media reports, life is gradually getting back to normal. One reason is that most Icelanders were never part of this new banking economy. Most of the Icelandic banks' operations were abroad and therefore the burden is also mostly felt overseas.

This is a big difference between Dubai and Iceland. While Dubai has been attracting foreign billionaires to buy homes on its artificial islands, the Icelandic nouveau riche had largely moved to London. Dubai has been importing billionaires; we were exporting ours. Some 85% of Dubai's population is foreign and can therefore easily leave if the country collapses. In Iceland, however, almost all of us were born here. And actually, whatever happens, most of us won't ever leave – even if we have to survive on cod liver oil.


guardian.co.uk © Guardian News and Media 2009

Source:u.tv/

Party in Iceland? It was all a Blur

FOR a country bankrupted by the credit crunch, Icelanders are a happy bunch.
The capital Reykjavik rocks to the beat of pubs, clubs and bars that make a party atmosphere to shed light on dark winter days.

One of them, Kaffibarinn, is owned by Blur frontman Damon Albarn.



Best bar none ... Damon Albarn owns Kaffibarinn in Reykjavik
Even better for Brits who want to follow in Damon's sneaker prints, Iceland's economic woes mean it is one of the few places where your holiday Pound stretches further than it did a few years ago.

A city that was once one of Europe's most expensive is now super-affordable.

The locals' love of a party also means Christmas and New Year are great times to visit.

Not content with just one Santa Claus, Icelandic tradition has 13! Each has his own name, character and role and one visits the city every day in the run-up to Christmas to bring sweets and get up to mischief.

On New Year's Eve adults can join in the fun as caution is thrown to the wind.

Everyone lets off fireworks that compete with the official display that lights the night - if you wondered what a party in a war zone might be like, this would be it.



Rock 'n' roll bar ... Albarn's Kaffibarinn
Reykjavik - which means Smoky Bay - is a compact and intimate city that is clean and surprisingly modern. The wooden New England-style houses are brightly painted to lessen the gloom of winter.

It's all a stark contrast to the millennia-old natural wonders on the city's doorstep.

Within an hour of the city you can take one of the many Golden Circle tours to geological hotspots such as the towering Gullfoss waterfall and Thingvellir National Park where you'll learn why most of Reykjavik has a faint whiff of egg.

Iceland lies on a geological boundary between two of the earth's plates, making for volcanoes and geothermal springs that are used to heat the city and provide hot water.

The park is a great place to see the Northern Lights and you can drive across the rift and technically get from Europe to North America without getting on a plane.

Tours normally end with a trip to the Blue Lagoon, an outdoor spa where the water tops 36°C and where you can smear your face in silica mud and chill out for hours.

Organs
The Reykjavik skyline is dominated by the Hallgrimskirkja, a church built in the style of a Viking longboat. Inside is one of the biggest organs I've ever seen and you can climb the bell-tower for great views of the city.

On the horizon, you'll see the Pearl building and restaurant.

An amazing huge glass dome, it sits on top of six huge water tanks that store all the hot water drawn from the springs.


A meal here is excellent but expensive. If you're on a budget, try an excellent seven-course taster menu that includes all sorts from goose to reindeer.



Pretty good ... view of Reykjavik
Alternatively, the Icelandic Fish 'N' Chips restaurant on the harbour has great home-cooked grub and was just around the corner from our hotel, the three-star Fosshotel Baron, which has a superb seafront location and rooms from around £90 a night.

One of our last points of call was the The Icelandic Phallological Museum - or the penis museum - where there are more than a hundred stuffed and pickled members on display.

They include all native animals from a dormouse to a sperm whale with only two missing: those of a man and an elf. Yes, in this slightly crazy country, they really believe in the little people!

Folk tales abound of them invading homes and throwing wild parties. There is even a government minister dedicated to helping them.

Well, all those Santas must need a lot of little helpers!


Source:thesun.co.uk/

Iceland Twitter

The Republic of Iceland ( /ˈaɪslənd/ (Icelandic: Ísland or Lýðveldið Ísland (names of Iceland); IPA: [ˈislant]), is an island country located in the North Atlantic Ocean. It has a population of about 320,000 and a total area of 103,000 km². Its capital and largest city is Reykjavík, home to approximately 50% of the national population. Located on the Mid-Atlantic Ridge, Iceland is volcanically and geologically active on a large scale; this defines the landscape. The interior mainly consists of a plateau characterised by sand fields, mountains and glaciers, while many big glacial rivers flow to the sea through the lowlands. Warmed by the Gulf Stream, Iceland has a temperate climate relative to its latitude and provides a habitable environment and nature.

According to Landnámabók, the settlement of Iceland began in AD 874 when the Norwegian chieftain Ingólfur Arnarson became the first permanent Norwegian settler on the island. Others had visited the island earlier and stayed over winter. Over the next centuries, people of Nordic origin settled in Iceland. Until the 20th century, the Icelandic population relied on fisheries and agriculture, and was from 1262 to 1918 a part of the Norwegian, and later the Danish monarchies. In the 20th century, Iceland's economy and welfare system developed quickly, and in recent decades the nation has implemented free trade in the European Economic Area and diversified from fishing to new economic fields in services, finance and various industries. Iceland is a free market economy with low taxes compared to other OECD countries. The country maintains a Nordic welfare system providing universal health care and post-secondary education for its citizens.

Icelandic culture is based on the nation’s Norse heritage and its status as a developed and technologically advanced society. Cultural heritages include traditional Icelandic cuisine, the nation’s poetry, and the medieval Icelandic Sagas which are internationally renowned. In recent years, Iceland has been one of the wealthiest and most developed nations in the world. In 2007, it was ranked as the most developed country in the world by the United Nations' Human Development Index and the fourth most productive country per capita. In 2008, the nation’s banking system systematically failed, causing significant economic contraction and political unrest that lead to early parliamentary elections making Jóhanna Sigurðardóttir the country's prime minister. She is the first openly gay head of government in modern times