From Iceland — PM To Reveal House-Owners' Debt Relief Today -- At 13h30

PM To Reveal House-Owners’ Debt Relief Today — At 13h30

Published November 10, 2014

Later today, Prime Minister Sigmundur Davíð Gunnlaugsson is expected to announce the precise implementation of his government’s dept relief plan for households in possession of real estate.

The highly disputed plans were the Progressive party’s biggest promise in the advent of last year’s general election and the party’s landslide victory.

According to, the minister has stated that the “debt correction” or debt relief package, is the first of multiple operations underway to “create a more wholesome environment for households and finance markets.

Around 105,000 individuals, belonging to some 70,000 households, applied for the debt relief. Interviewed for Bylgjan, on Sunday, the minister’s assistant and member of Alþingi, Ásmundur Einar Daðason, stated that “the biggest part is going to families with an average annual income below six million ISK,” or just over €40,000. He further said that the average amount relieved will be at either side of €10,000.

Update: The plans will be announced at a press conference at 13h30 this afternoon. According to Vísir, of the 105,000 individuals who applied, 15,000 were rejected. Vísir also notes that one of the items on the conference program is “Altered financing of debt correction”, a phrase which apparently waits to be explained.

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