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

Economics Minister Pens Article On Iceland’s Financial Recovery

Words by

Published August 21, 2012

Minister of Fisheries, Agriculture and Economic Affairs Steingrímur J. Sigfússon has written an article for the Financial Times detailing what he sees as the “well established” turnaround of Iceland’s economy.
When the former ruling coalition of the Independence Party and the Social Democrats were driven from power in 2009 – and a new coalition comprised of the Social Democrats and the Leftist-Greens were voted in – Steingrímur was tasked with being the country’s Minister of Finance. Facing a massive deficit, failing banks, and foreign debt well exceeding available revenue, the outlook was bleak at best.
However, Steingrímur writes in his article, “Icelandic lessons in coming back from the brink”, Iceland chose economic policies of recovery that he believes other European nations could learn from:

The Icelandic government has pursued the politics of social and economic inclusion. Those on higher incomes have contributed more in absolute terms through the adoption of a progressive system of taxation, while those on lower incomes have been sheltered. Welfare services were cut less than other areas of public spending. The outcome has been as intended: a more equitable net income distribution. Purchasing power among lower-income groups has been better maintained than among those with higher incomes, enabling them o continue as active participants in the economy.

Steingrímur also credits the depreciation of the krónur, splitting the banks into old and new versions, and granting depositors priority over other claims on money within the banks.
“Policy makers and legislators in Europe should seriously consider whether it is not timely and sensible to incorporate an Iceland-style priority ranking into law,” he closes in part. “Recent comments reported in the media by George Osborne, the UK chancellor, give reason to believe that there is a growing recognition of the shortcomings of current regimes and perhaps even a will to take active measures to improve it. If that is the case then just maybe Iceland’s hard-earned lessons can provide useful guidance today for leaders in Britain and the eurozone.”



News
<?php the_title(); ?>

Double Rainbow Over Reykjavík

by

A double rainbow appeared over Reykjavík yesterday morning, reports RÚV. But what does it mean? The rainbow appeared at 8 am yesterday to mesmerise all the tired commuters of Reykjavík for a spell. Double rainbows are caused by a double reflection of sunlight inside raindrops, and appear at an angle of 50–53°. As a result of the second reflection, the colours of a secondary rainbow are inverted compared to the primary bow, with blue on the outside and red on the inside. The secondary rainbow is also fainter than the primary because more light escapes from two reflections compared to one

News
<?php the_title(); ?>

Icelandic Drug Market On Facebook

by

The Icelandic drug market has made a move to social media. “Really well cut and good coke for the weekend,” one Facebook ad boasts. “You’ll feel it on the first line and won’t need another bump after 15 minutes – 15.000 ISK. Don’t buy coke off any old person, make sure you taste it first.” According to Vísir, drugs, pharmaceuticals and steroids are readily available and advertised through Facebook and other online mediums. “Far more people have access to [drugs through social media],” said Detective Chief Superintendent Friðrik Smári Björgvinsson. “A sign of changing times and a new reality. The police

News
<?php the_title(); ?>

What To Name The New Lava Field

by

As the Holuhraun eruption has spead lava over a wide swath of the country, Icelanders now ask themselves: what should we name the new lava field? As reported, magma pouring from the kilometres-long fissure in Holuhraun has now spread over an area comprising some 4 km2. When all is said and done, a new lava field will be born, which raises the important question of what to call it. Numerous suggestions have been brought up in the Icelandic media lately. MBL reports a number of suggested new names for the lava field. On the more obvious end of the scale,

News
<?php the_title(); ?>

Little Change In Party Support, High Voter Dissatisfaction

by

Two separate polls show little change in party support, although large numbers of voters are either undecided or dissatisfied with any of their options. Two polls have recently measured levels of support for the different political parties in parliament; one from Gallup (G) and one from Fréttablaðið (F). Their results are comparable, and while they show little change in support for different parties since the last poll, they also show a significant level of voter dissatisfaction. The Independence Party is the party with the greatest level of support in the country, at 28% (G) and about 31% (F). Both polls

News
<?php the_title(); ?>

Most Icelanders Not Happy With Summer Of 2014

by

In terms of the weather alone, most Icelanders have been unhappy with this past summer, with one notable exception. According to a new poll from Market and Media Research, only 45.4% of Icelanders nationwide have been satisfied with the weather this past summer. This is up slightly from 44.9% for the summer of 2013, but way down from 96.3% for the summer of 2012. The trend can be attributed to what have been relatively cool, cloudy and rainy summer both this year and last, while the summer of 2012 was decidedly warmer and sunnier. Regionally, not all Icelanders were of

News
<?php the_title(); ?>

Two Women Attacked In Downtown Reykjavík, Appeal For Witnesses

by

Two women were first harassed and then assaulted in downtown Reykjavík in the early hours of Saturday 30th August. A man started accosting them in Hverfisgata, outside Bar 11, at about 4.45am, in both Icelandic and English. When his drunken advances failed, he started following and aggressively coming on to the two, resulting in him being slapped. He then attacked both women, hospitalizing one with facial cuts and two black eyes. One of the women was artist Rosalie Smith, who was on her last night in Iceland and has now returned to the United States. She has sent out a

Show Me More!