Icelandic Government Finds Foreign Icesave Advisor - The Reykjavik Grapevine

Icelandic Government Finds Foreign Icesave Advisor

Published February 9, 2010

Chairmen of the ruling coalition and the opposition have reached an agreement over who should be Iceland’s advisor in the upcoming talks with British and Dutch authorities over Icesave.
Eyjan.is reports that at a meeting held yesterday, the chairmen agreed to hire Lee C. Buchheit, a senior fellow at Cleary Gottlieb Steen & Hamilton LLP.
According to a brief CV from Duke Law University, Mr. Buchheit’s practice focuses on international and corporate transactions, including Eurocurrency financial transactions, sovereign debt management, privatization and project finance.
A referendum on Icesave is scheduled to take place on 6 March. Should the current Icesave law be defeated, and there are many indications that it will be, re-negotiations with British and Dutch authorities will have to go forward anyway. In the meantime, Icelandic authorities are hoping they can strike another deal and forego the referendum altogether, which is estimated to cost taxpayers some 200 million ISK.

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