Gylfi Arnbjornsson, president of the Icelandic Confederation of Labour, said he hopes the contraction of Iceland’s national production has more or less come to a halt, in line with what Paul Thomsen, chair of the IMF Iceland Committee said on television yesterday. The public have not yet seen the worst of the recession though, Arnbjornsson warns.
Paul Thomsen, deputy director of the International Monetary Fund and head of its Iceland Committee, said yesterday that he is fairly sure Iceland has reached the bottom of its recession. Thomsen was being interviewed by Danish television at the time, mbl.is reports.
Thomsen summarised the IMF’s three main policy tools in Iceland and said he feels they are working well. Firstly, improved stability of the Icelandic krona exchange rate and the reopening of free currency trade are progressing well, he said. Secondly, it has been decided to suspend cuts to state finances, and thirdly, the Icelanders have received international loans to help the recovery.
Gylfi Arnbjornsson at the Icelandic Confederation of Labour said that businesses still fear the high interest rate is stifling economic development and said it remains clear that the government has not yet managed to balance its income against its outgoings.
So, what is this, the contraction has come to a halt, the public have not seen the worst, Iceland has reach the bottom of the recession, hat the heck is this? so, what is this article saying?
I think it is saying that the economy will start growing again, but that it will not mean an immediate decrease in unemployment or household bills…
Just my interpretation
Economic business recovery takes a while to filter through to the whole economy and the people will feel the benefit in their wallets last of all.
How can Iceland has seen the bottom of the recession
-we dont even know where we stand with Icesave, brits and dutch havent even answer, if they answer negative(which most likely they will), well this would acctually be just the begining of the recession.
-Banks have not been rebuild they have just given kaupthing away to foreign investors, and they will only recuperate assets and collect money back to get their money back, as for Islandsbanki and landsbanki,foreign investors dont even want to take them.
-The only way to get money is through IMF and they have Iceland on hold.
So, how can they know that Iceland has hit bottom????? If anything we are in an even wors possition than we were 10 months ago.
I think it means that, that we have not seen the total collapse.
As many are saying once the dollar fully devaluates in the coming months then we will see the real deal of the Kreppa.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYdgQkXu9eBg
http://www.atimes.com/atimes/China_Business/KI17Cb01.html
http://www.digitaljournal.com/article/278599
Iceland will come out of this kreppu just fine,they have a lot of resorses yet to be taped into,so be pationt and posative
Gylfi Arnbjörnsson the union leader owns two companys in Tortola, some one in Luxembourg set this up for him,
he of course said that he did not know about this,
not many believe that, he was on the board of at least one of them.
Arcturus Investment Holding S.A., Société Anonyme.
Siège social: L-1855 Luxembourg, 35A, avenue J.F. Kennedy.
R.C.S. Luxembourg B 77.472.
L’Assemblée Générale Ordinaire des Actionnaires du 21 novembre 2006 a élu comme administrateurs:
- WAVERTON GROUP LIMITED, P.O. Box 3186 Abbot Bldg, Main Street, Road Town, Tortola British Virgin Islands,
- BIREFIELD HOLDINGS LIMITED, P.O.Box 3186 Abbot Bldg, Main Street, Road Town, Tortola British Virgin Islands,
- STARBROOK INTERNATIONAL LIMITED, P.O. Box 3186 Abbot Bldg, Main Street, Road Town, Tortola British
Motivation Investment Holding S.A., Société Anonyme.
Siège social: L-1855 Luxembourg, 35A, avenue J.F. Kennedy.
R.C.S. Luxembourg B 76.381.
L’Assemblée Générale Ordinaire des Actionnaires du 17 juillet 2006 a élu comme administrateurs:
- Olafur Dadason, né le 3 mars 1960 à Reykjavik et résidant à Silungakvisl 31, IS-110 Reykjavik, Iceland
- Johann P Malmquist, né le 15 septembre 1949 à Reykjavik et résidant à Seidakvisl 19, IS-110 Reykjavik, Iceland
- Gylfi Arnbjörnsson, né le 12 mai 1958 à Reykjavik et résidant à Midhúsum 31, IS-110 Reykjavik, Iceland
- Sigurdur Smari Gylfason, né le 22 février 1964 à Reykjavik et résidant à Midhúsum 31, IS-110 Reykjavik, Iceland
- Thordur S Oskarsson, né le 24 novembre 1950 à Kopavogur et résidant à Fornustrond 15, IS-170 Reykjavik, Iceland
http://www.etat.lu/memorial/memorial/2007/C/Pdf/c0591124.pdf
I dont know what those companys were used for, but this guy stinks.
more about this in Icelandic
http://kingston.blogcentral.is/blog/2009/9/14/thetta-er-nu-eitthvad-gruggugt/
He is also here under Velinvest Holding
http://www.etat.lu/memorial/memorial/2003/C/Pdf/c0776247.pdf
MOTIVATION INVESTMENT HOLDING S.A., Société Anonyme.
Siège social: L-2522 Luxembourg, 12, rue Guillaume Schneider.
R. C. Luxembourg B 76.381.
—
L’Assemblée Générale Ordinaire des Actionnaires du 2 juillet 2002 a élu comme administrateurs: Olafur Dadason,
Johann P. Malmquist, Gylfi Arnbjörnsson, Sigurdur Smari Gylfason and Thordur S. Oskarsson et comme commissaire
aux comptes ROTHLEY COMPANY LIMITED.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations
No wonder Iceland is in the ****