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Iceland Lifting Remaining Capital Controls
Prime Minister, Bjarni Benediktsson, along with the Ministry of Finance have announced that Iceland will be lifting remaining capital controls as of tomorrow, reports RÚV. “We’ve reached an incredibly enjoyable milestone in our economic development since the financial crisis of 2008 and…
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The Trouble With Sustainable Outrage
The trouble with staying angry enough to drive change is that it’s exhausting and you bore everyone. If you don’t believe me, just ask a social worker. Last week, when Foreign Minister Gunnar Bragi Sveinsson informed the EU via a letter that Iceland…
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Convicted Icelandic Banker Seemingly Drunk On National TV
Recently convicted banker, former chairman of the Kaupthing board, Sigurður Einarsson, conducted an interview with RÚV last night, while seemingly heavily intoxicated. An unnamed RÚV source who was present when the interview was broadcast has confirmed with the Grapevine that newsroom staff…
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Last McDonald’s Burger Sold In Iceland Unchanged After 6 Years
The last cheeseburger sold in Iceland in 2009 remains unchanged after 6 years, reports MBL.is. The only notable difference seems to be that the meat patty is a slightly lighter colour than before. A year after the economic meltdown in Iceland, McDonald’s…
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Former Minister Misappropriated Public Funds
Former Minister of Commerce, Björgvin G. Sigurðsson, who served between 2007-2009 has misappropriated hundreds of thousands of ISK while serving as the head of Ásahreppur municipality, reports Vísir. Björgvin resigned before the weekend but the circumstances behind his resignation have only now…
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Former PM Begins U.S. Ambassadorial Post
Former Prime Minister of Iceland, Geir H. Haarde, has assumed his pivotal ambassadorial post in Washington D.C., reports RÚV. Geir has taken over for Guðmundur Árni Stefánsson, who has served as Iceland’s ambassador to the U.S since 2011. Geir is most known for…
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Iceland’s Showdown With Creditors Arrives
The Icelandic government will tell hedge funds and other creditors in its failed banks how their claims can be settled this week, reports Bloomberg. The government has reportedly designed a model to protect the ISK from any instability that might result from…
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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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No, No, No…
On October 9, 2008, The Economist published an article called “Kreppanomics,” detailing Iceland’s then-recent financial meltdown. “One word on every tongue in Iceland these days is kreppa. Normally it means to be ‘in a pinch’ or ‘to get into a scrape’, but…
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Geir Haarde Lands Washington D.C Ambassadorial Post
Former Prime Minister of Iceland, Geir H. Haarde, has landed a pivotal ambassadorial post in Washington D.C, reports RÚV. Geir is most known for being prime minister during Iceland’s 2008 economic meltdown. In 2010, parliament voted in favour of Geir standing trial…
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Creditors Closer To Pay Out
The outlook for hedge funds caught in Iceland’s $85 billion banking failure may be looking up, reports Bloomberg. The administrators overseeing claims against one of the three banks that defaulted in 2008, Glitnir Bank hf, say recent talks with a government committee…
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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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Iceland Prepares To Phase Out Capital Controls
Iceland is planning to sell six-year euro-denominated bonds in a push to ease the capital controls that have been in place since the economic collapse of 2008. According to Bloomberg, the government hired Barclays Plc, Citigroup Inc., Deutsche Bank AG and JPMorgan Chase…
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Finance Minister Wants To Sell Landsbankinn
Finance Minister Bjarni Benediktsson has said he wants to sell the government’s shares in Landsbankinn. Bjarni told RÚV that ideally the government would retain 40% ownership and no more than 10-20% of shares would be sold to any one buyer. “Parliament has…
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The Limits Of Money
I can understand a father working two jobs to support his family, a mother sacrificing her time to ensure that her children don’t starve. But once you’re assured a basic subsidence (adequate food, shelter, and clothing), how much of your time can…
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Kreppa In The International Eye: April
A Google news search on April 29 reveals over 22,000 hits on Iceland, 90%, of course, had to do with the eruption of Eyjafjallajökull, followed by the subsequent 100,000 flight cancellations and a never-ending stream of commentary on the ensuing chaos. There…
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Adrenaline Surges At 3 PM
It was that time again, the time of a big handball feast. Whatever it’s called — European Championship, World Cup, Olympics — ever since the Iceland’s national handball team brought the silver medal back from Beijing in 2008, everyone gets extra excited…
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Haukur’s 13th Editorial!
So, this has been a pretty good summer, all things considered. We enjoyed some pretty good weather, drank some pretty good beers and saw some sights. We travelled around the country and pitched our tents, hiking up hills and mountains, seeking out seclusion, serenity…