Gylfi Zoega, professor of Economics at the University of Iceland, said in an exclusive interview for IceNews, that reopening the market is essential for the economic future of the northern island nation. Read the full story

It is of critical importance for Iceland to improve international relations and increase its credit rating. So says Gylfi Zoega, University of Iceland economist, adding that the government seems to be burning bridges in its wake with regard to its relations with international financers and other nations. Without foreign capital, he says, there is no future at all for Iceland. Read the full story

Jon Danielsson, Gylfi Zoega

Some view Iceland’s crisis as holding lessons for any country with an outsized financial sector, e.g. the UK. This column disagrees, arguing that Iceland’s downfall is explained by the way its unique history, inappropriate policy responses, and weaknesses in EU banking regulations created a perfect storm, unlikely to happen elsewhere.

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An analysis by Gylfi Zoega, professor of economics at Birkbeck College, UK and the University of Iceland:

Two years ago, the Icelandic bank Landsbanki, which had nothing to do with the government, introduced internet accounts in Britain under the name Icesave that offered savers a higher rate of interest than local banks were willing to pay. Later Icesave entered The Netherlands and there were plans for further extensions.

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