The total debt of the Icelandic treasury increased by ISK 437.2 billion (USD 3.46 billion) last year from ISK 288 billion up to 725.2 billion. This information comes from a government financial report for 2008 which has just been released. As a percentage of GDP, net debt increased from 22.1 to 49.5 percent in 2008.
The position of domestic debt rose from ISK 156.7 billion to ISK 613.8 billion. The increase is partly accounted for by ISK 270 billion bonds to the Central Bank of Iceland because of the takeover of the country’s financial system.
The treasury’s external debts roughly doubled when calculated in Icelandic kronur in 2008 from ISK 154 billion to ISK 317.5 billion. The increase can largely be explained by the serious reduction in krona exchange rates during the year.
49.5 % ? That’s nothing….We are the one and only across Europe to have a black mark. (>100%) http://upload.wikimedia.org/wikipedia/commons/3/35/Public_debt_percent_gdp_world_map.PNG
Cheer up.
Iceland is gonna catch up with Italy next year. I’m talking about national debt as percentage of GDP, not the number of tape-recorded and photographed Prime Minister affairs…
“Information from the collapsed Icelandic bank Kaupthing has been leaked to WikiLeaks, revealing billions in insider loans, and the bank has been working day and night to censor the information contained in the document. Last night at 6:55pm GMT, they served an injunction against the Icelandic National Broadcasting Service, five minutes before the 7pm news was due to be aired. The TV station just displayed the WikiLeaks URL instead. They’ve also injuncted Iceland’s national radio, banning all discussion about the contents of the document, and they are actively trying to censor the rest of the Icelandic media along with WikiLeaks.”
Source: http://news.slashdot.org/story/09/08/02/166221/Censorship-Struggle-Underway-In-Iceland
Im surprised that big important news such as the recent Eva joly article, the news about the kaupthing loans, and the historical, arbitrary banning of the goberment of Iceland to RUV to make something public, have not made it to Icenews, I wonder why….?
Hi Easy:
There is no conspiracy – it’s just that it’s the year’s biggest public holiday and we’re therefore not up to full speed.
Expect more tomorrow!
Regards
Alex, editor
Amazeing article here:http://www.huffingtonpost.com/iris-lee/icelands-independent-peop_b_250298.html
This woman is becoming my hero, what a shame that the few people with b@lls are outside the country, Here? we are just enjoying the weather and the BIGEST national festival of the year!!! jeepy!!
Easy said:
“This woman is becoming my hero, what a shame that the few people with b@lls are outside the country, Here? we are just enjoying the weather and the BIGEST national festival of the year!!! jeepy!!”
Its an excellent article, although I don’t know how other countries are supposed to help. Drawing a line in the sand and making Icelanders really suffer, is the only way to force them into action.
Thats the democratic way, anything else would be interfering with Iceland politics. Forgiving the Icesave debt would be to condone the criminal actions of the ‘elite’ and allow them to continue. Only Icelanders are capable of doing anything about it.
For once i agree with Peter, the only way out of this mess is a revolution and a new form of democracy where the current officials are not included, people are connecting the dots now,
the more we learn the angrier we get,
this can only end one way.
Hello,
I’m writting a thesis about the financial crisis in Iceland and I’m very interested in the report from which you take your number, could you send me the report or the web link please???
Getting into Debt is just not worth the risk! If you earn the money to buy what you need, there is no reason to get into debt for anything!