The London School of Economics professor, Robert Wade believes it is important for Iceland to have an independent mediator in the Icesave issue.
Wade was a guest on the Silfur Egils television show yesterday. His comments on the show were echoed by another guest: the lawyer and former assistant to Ingibjorg Solrun Gisladottir, Kristrun Heimisdottir.
Robert Wade said that the British, Dutch and Icelandic sides all bear responsibility for the Icesave debacle – and especially the Dutch Central Bank. Therefore, he reasons, an independent third party should be brought in to help renegotiate the trilateral contract.
He also added support to the idea that the Icelandic government should employ a powerful spokesperson who could explain the situation clearly to the world press. He named Alistair Campbell, Tony Blair’s former communications officer, as a potential candidate. Such a representative could build support for Iceland’s position overseas and help in rebuilding Iceland’s reputation.
Most optimistic stanch from the London School of Econimics. Most positive, no force and intimidation. Thank you very much.
It seems that the Dutch and hopefully the British will soon come into there senses. This mutual realization would help us better in the negotiations. Who ever represents us, please be honest, transparent and give due consideration for the home front, the majority for a common good. Hopefully, those who have committed and or those who were responsible of the banking crushed will also be brave enough to come home and face the music. Can you really live lavishly in London at the expense of the old, disabled, jobless and the needy ? Do you think you can rest in peace ? Think. Think. Think.
Wade interview at 29:55 onwards (just under half an hour):
http.0.muli.rs.ruv.is/video.ruv.is/4472551$1.wmv
An arbitrator in Norway or Switzerland would be best.
They have experts and judges with knowledge of both EFTA and EU laws/regulations.
Mediation experts in most EU states only know it from EU side.
EEA is one market but EU and EFTA ( Norway, Iceland ) are slightly different. For example EFTA regulated entity has slightly different trust when it starts to work in EU member state; password scheme not completely automatic as it is for EU memberstate based financial institution, etc.
..and of course regulations for EFTA members under the EFTA Court not European Court of Justice. And instead of under EU commission are under EFTA Surveilliance Authority.
EU commission already did try its kangeroo court ” binding arbitration ” in November 2008 against Icelandic government and it was so clearly unfair that Icelandic government did with draw before the process convened+. Read specifics here :
http://www.icenews.is/index.php/2009/07/29/more-members-of-parliament-against-the-icesave-deal/#comment-87719 EFTA Surveillance Authority did distance them selves from opinion and process
http://www.icenews.is/index.php/2009/07/29/more-members-of-parliament-against-the-icesave-deal/#comment-87236 Analysis of what EU appointees opinion did say
+http://www.icenews.is/index.php/2009/07/29/more-members-of-parliament-against-the-icesave-deal/#comment-87419 withdrawal letter from Icelandic financial minister
Why EU commission was desperate back November to force the kangeroo court ” binding arbitration ” and does not want this in real court or real arbitrator that knows the EU / EFTA law behind the deposit guarantees –
– since then of course they do not want to go back on what they said then because EU burecracy never goes back on its policy even if it is wrong unless it is dealing with large EU country that has its senior civil serveant in COREPA or is big EU budget net contributor :
“We were a couple of days away from a complete catastrophe which would have been ten times worse than the current situation. The risk of a collapse in the European banking system was high,” admitted Finland’s Finance Minister, Jyrki Katainen, in an interview+ with the Finnish newspaper Savon Sanomat on September 8, 2009.
The decision to sacrifice Iceland probably contributed to saving the EU banking system at the last minute.
Last summer Ingibjörg Sólrún Gísladóttir, who was Iceland’s Foreign Minister at the time when the Icelandic banks fell, said that++ “the main reason why it was not possible to take the matter to the courts was because there could not be any doubt that deposits were guaranteed If it would have been agreed to get a court ruling it would have created a legal uncertainty whether there were any deposits guarantees.”
Gísladóttir said that such uncertainty would have given depositors in Spain, France or elsewhere a reason to doubt the guarantees and withdraw their savings. In other words that there would be run on EU banks.
So in other words Iceland and the Icelandic people were simply sacrificed to save the EU banking system from collapses as a result of a flawed EU legislation which they are not at all responsible for.
+http://www.savonsanomat.fi/uutiset/talous/selkä-seinää-vasten/481252
++http://www.dv.is/frettir/2009/6/24/Ingibjorg_Solrun_Domstolaleidin_er_ranghugmynd
I think the problem is that the western financial system is so badly designed that it cant be repaired, so the idiots responsible for this will try to keep it afloat for as long as possible knowing that it will fail, they managed to print their way out last time but when this happens again the whole thing goes tits up,
and given the current state of afairs in Europe and USA the outlook is not good.
http://www.youtube.com/watch?v=mHsVCE0-smE&NR=1
http://www.youtube.com/watch?v=1QKHtW7KtoU&feature=channel
Great idea. An arbitrator from Switzerland or Norway would probably be acceptable to the British and Dutch.
Alastair Campbell as the Voice of Iceland? Scary! But very effective…
I was totally with him until he mentioned Alistair Campbell.
I mean, Tony Blair’s spin doctor…???
We need strong, but HONEST representation here in Iceland, thank you very much. “Spin” is just a modern word for professional lying.
Hands up everybody who didn’t know that, and ask Eva Joly what she thinks of that ludicrous suggestion.
Andrew says:
“Great idea. An arbitrator from Switzerland or Norway would probably be acceptable to the British and Dutch.”
What difference would it make, unless you are suggesting they these two countries would be biased. Well, Norway is probably biased against Iceland due the apparently fact that they have been ripped off by Iceland and Switzerland is probably happy to see the back of a problematic banking nation that sullies their business.
And don’t forget, even when Iceland choose the arbitrators from the EEA to decide on its liability to pay the Icesave depositor protection scheme, it still lost.
I was totally with him until he mentioned Alistair Campbell.
Campbell was just mentioned briefly, which might not be the impression that you’d get from this IceNews article.
Without re-watching it I can’t be certain, but I’m pretty sure he wasn’t putting Campbell forward as a good choice for Iceland, he was merely giving him as an example of someone with the right skill set.
@Peter-London
Switzerland and Norway are not in the EU and have experience dealing with the rules for the free trade area. It is expertise that matters. Both countries also have good reputations as negotiators and conciliators.
Is Norway biased? They are willing to loan Iceland money to help with the crisis.
“Jaw jaw is better than war war ” – Winston Churchill.
All sides should keep talking.
One specialist is already here and another one on his way, both from Canada.
http://blogs.ft.com/economistsforum/2010/02/icesave-a-potential-solution/
If Norway wants to help us out they could buy assets from Landsbanki to speed up the sale process, there are some good bits in the collection, like a 40% stake in Iceland foods Ltd for example,
the money from the assets would collect interests to counter the 3,38% interests UK and NL are paying for the loan they took to pay depositors until the funds could be payed out to UK and NL.
“Jaw jaw is better than war war ” – Winston Churchill.
Given the date of that quote, I think it’s fair to say that he was referring to the Soviet Union. I suspect Winston would be a little more bullish when the risks of war-war are almost entirely bourne by the other side :) .
The Icelandic government should employ Max Clifford!