economic crisis
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403 Blue Lagoon Employees Laid Off
The Blue Lagoon company has announced an official decision to lay off 403 of its employees at the end of next month, Vísir reports. Manager and employee wages will be decreased thereafter. The company’s notice stated that the influence of the coronavirus…
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Banks Did Not Fall In 2008, They Were Pushed, Says Professor
Professor Hannes Hólmsteinn Gissurarson claims that the reason all three major Icelandic banks, Glitnir, Landsbanki and Kaupþing, collapsed in October 2008, was the hostility of other nations towards Iceland, notably that of the UK and the US. Hannes Hólmsteinn introduced these conclusions…
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UN Expert Visits For Post-2008 Human Rights Checkup
Juan Pablo Bohoslavsky, an Independent Expert on Foreign Debt and Human Rights, as appointed by the United Nations Human Rights Council, arrives in Iceland on Monday, to estimate the effects of the 2008 bank crash and subsequent economic measures on the realization…
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PM To Reveal House-Owners’ Debt Relief Today — At 13h30
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…
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Iceland’s Central Bank Governor Reappointed
Már Guðmundsson has secured a second five-year term as Iceland’s Central Bank Governor, reports WSJ. Már first took the reins at the central bank, Seðlabanki, in 2009 following the financial crisis which saw three of Iceland’s largest banks buckle under crushing debts…
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Iceland’s Euro Bonds Yield 2.6%
The six-year euro-denominated bonds Iceland put up for sale in preparation to phase out capital controls have yielded 2.6% and mark a good return to the European market, reports Bloomberg. “We are happy,” Finance Minister Bjarni Benediktsson said. “We are refinancing all…
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A Look In The Rearview Mirror
The Social Democratic Alliance and the Left Green Party formed a government for the first time on February 1, 2009, as Iceland was struggling with the hardest economic conditions that have occurred in the republic’s history. The circumstances were without precedent. The…
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Is Hannes Hólmsteinn Gissurarson The Architect Of The Collapse?
Political science professor Hannes Hólmsteinn Gissurarson is a peculiar fellow. An ardent follower of the free market teachings of F.A. von Hayek and Milton Friedman, he is often referred to as the Independence Party’s chief ideologue and has been credited with laying down the lines for…