A Grapevine service announcement Pay attention: The Holuhraun eruption is at it again

Breaking News: Landsbanki Legally Bound To Pay Icesave

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Published October 28, 2011

A decision handed down by the Supreme Court has ruled that the so-called “emergency law” stands, meaning that the assets of Old Landsbanki will be used to pay off the Icesave debt.
In essence, the emergency law gave a preferential position to deposits when paying out of the former Landsbanki. In the various solutions to the Icesave matter that have arisen, that Landsbanki – of which Icesave was an online branch – pay the bulk if not all of the money owed has been argued strongly, both within the government and by those who objected to previous Icesave agreements.
Today, the Supreme Court has ruled that Landsbanki has the assets to pay the Icesave debt. This equals up to 21,000 euros for each Icesave account. The ruling is binding and cannot be appealed.
At a press conference held just minutes ago, the Landsbanki resolution committee explained the matter for the press. They emphasised that they could not give an exact date for when paying back Icesave will begin, as there are “many technical matters to go over”. However, they did see that they will present a general plan of payment by 17 November.
As has come up previously, Iceland has been looking at the possibility of going before EFTA court over Icesave. The resolution committee said that should EFTA move forward with this, Landsbanki will not be a defendant; that would be the Icelandic government.
A statement from the prime minister’s office welcomes the decision of the Supreme Court.



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The managing director of one of Iceland’s largest trade unions says they are “extremely worried” about workers in the tourism industry. “We are extremely worried about [workers within] this field,” Drífa Snædal, the Managing Director of the Federation of General and Special Workers in Iceland (SGS), told Vísir. “If Iceland intends to build up the tourism industry, it will have to really clean house.” Drífa says that unions around the country have had to deal with reports of employees filing grievances, mostly about being paid unfairly. “There are two types of groups within the tourism industry,” she said. “Those who

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Faroese Ship Bids Iceland Adieu

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Björk’s Biophilia Film To Premiere In Reykjavík This Week

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VIDEO: Holuhraun Best Place For An Eruption

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Holuhraun is the best possible location for an eruption, geophysicist Magnús Tumi Guðmundsson has told RÚV. Although the magma flow from Holuhraun is considerable and steady, Magnús Tumi does not feel it qualifies as a large eruption. New data indicates that approximately 250 cubic metres of magma is spewing out of the fissure each second. According to Magnús Tumi, the current Holuhraun eruption is completely different to the Eyjafjallajökull eruption of 2010. Given that the Holuhraun eruption is entirely above ground and a mainly basalt eruption it is producing no disruptive ash. The Eyjafjalljökull eruption on the other hand was

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Holuhraun Still Going Strong, Could Last All Year

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The Holuhraun eruption, which began again yesterday with magma plumes as high as 60 metres, is going strong and might see out the year, reports RÚV. “The eruption is comparable to the one we saw from Krafla [in 1975],” said volcanologist Ármann Höskuldsson. “At first there was just a tiny eruption then the eruptions got gradually larger as time passed. It’s possible that this event will last until the end of the year, possibly into some of next year as well.” Seismic activity continues at Vatnajökull though none topped 4.9 on the Richter scale yesterday, presumably because the eruption has alleviated some

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