From Iceland — No Resolution Yet on Icesave

No Resolution Yet on Icesave

Published October 13, 2009

No resolution has yet been reached on Icesave, although the Finance Minister expects results “within the next 24 hours.”
According to Vísir, the government has still not completed a new bill on the matter, but there have been many positive developments. For example, nearly 90% of Landsbanki’s assets are now available for payment on Icesave claims, among others. Minister of Finance Steingrímur J. Sigfússon told parliament today that the full restoration of Iceland’s banks is nearly complete, and could be completed by 1 November.
Icesave has put a significant strain on the government, so positive news of economic recovery – both with regards to dropping unemployment and the nearly complete revival of the banking system – could not have come at a better time. More developments will be posted as they arise.

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