One year after the financial meltdown in Iceland when the three main banks, Kaupthing, Glitnir and Landsbanki collapsed, and many big Icelandic firms such as Baugur Group, FL Group and Moderna went bankrupt, a lot of the smaller Icelandic companies are starting to gain more of a momentum. Read the full story

The British Serious Fraud Office (SFO) is looking into the affairs of the old Icelandic banks and hopes to soon decide whether or not a formal investigation into illegal activities will be launched. Read the full story

A letter from Central Bank of Iceland governor Svein Harald Øygard,

published in Morgunbladid on 1st April: Read the full story

Straumur Burdaras, Iceland’s biggest investment bank, has announced plans for a special fund to support and develop businesses in Iceland during the current kreppa (recession). Read the full story

People who have lost their jobs, or fear they might be fired, have shown huge interest in jobs abroad. Foreign companies see opportunities and want to send their emissaries to Iceland to look for staff. When the Directorate of Labour and its European counterpart EURES held their first meeting about jobs in Europe in 2006, only one person turned up. This weekend, a similar meeting is being held for the third time, but this time EURES advisor Valdimar Olafsson says he will be surprised if fewer than 2,000 turn up. Read the full story

Geir H. Haarde, Icelandic Prime Minister today announced (at a press conference) his intention that all elected officials and judges should take a pay cut. President Olafur Ragnar Grimsson suggested a few weeks ago that he would welcome such a move and that he hoped Haarde would consider it. Read the full story

The Executive Board of the International Monetary Fund (IMF) has just confirmed that it will extend the requested USD 2.1 billion loan to Iceland, according to MBL.is. Read the full story

It is difficult to say with any certainty by how much the Icelandic krona will depreciate in value, if at all, when it is re-floated, according to Gylfi Zoega, head of the economics department at the University of Iceland. It is likely the currency will be floated before the New Year. Read the full story

PRESS RELEASE FROM THE ICELANDIC PRIME MINISTER’S OFFICE:

Reykjavik, Iceland – 17 November 2008 – In the wake of the recent international financial turmoil, Iceland’s economy is facing a banking crisis of extraordinary proportions. The economy is heading for a deep recession, a sharp rise in the fiscal deficit, and a dramatic surge in Read the full story

An agreement has been reached between the governments of Iceland, the United Kingdom and the Netherlands on compensation for money held in Icesave accounts. Read the full story