PRESS RELEASE FROM THE ICELANDIC PRIME MINISTER’S OFFICE:
The Nordic countries have declared their readiness to help Iceland in battling the current financial crisis. A high-level committee will consider Iceland’s financial needs following a planned loan from the International Monetary Fund (IMF), and look into how the Nordic states could assist in cooperation with the IMF.
At a meeting yesterday afternoon, the Nordic Prime Ministers discussed the international financial crisis and the serious situation in Iceland in particular. They agreed to establish a high-level committee to monitor implementation of the IMF’s stabilisation programme and to discuss and coordinate measures to assist Iceland in recovering from the serious situation in which the country now finds itself.
Prime Minister Geir H. Haarde:
“I highly value the strong support I received at the meeting yesterday in Helsinki. The Nordic working group will be instrumental in coordinating the assistance to Iceland. We will weather this crisis and emerge stronger as a nation,” said Haarde, adding that Iceland had a preliminary agreement with the International Monetary Fund last week on a loan of USD 2 billion. While emphasising that he did not want to put pressure on his colleagues, he indicated that Iceland’s financial requirements were in the region of USD 4 billion in addition to the IMF loan facility.
“Iceland is counting on its Nordic neighbours as well as other friends for help to revive the economy after the sudden failure of the country’s banks. The expressed solidarity of the Nordic countries is of extreme importance to us. I also hope that our dialogue will be the first step towards more cooperation and strengthened alliance between the Nordic countries in the face of the international financial crisis – a crisis that could threaten the stability of many more countries,” Haarde said at a meeting of the Nordic Prime Ministers in Helsinki, where talks of Ministers from Norway, Sweden, Denmark and Finland will continue today.
Statement from the Nordic Prime Ministers’ Meeting in Helsinki, October 27th (http://www.norden.org/start/start.asp)
The hostile action taken by the UK government is what caused the Kaupthing/Icesave go down, even though it was still considered to be on healthy base, so even though the Icelandic government has messed up big time, UK government certainly torpedoed the ship that could have still been saved and everybody would have gotten their money without all this nastiness.
It just seems to me Brown wanted to find some scapegoat to focus peoples attention away from their own failings.
ps, I don’t absolve Icelandic government from fault, but I don’t see why the people have to pay for the mistakes of the economists. How I see it the Icesave offered better rates than other banks, and higher profits should always include higher risk. Oh and I’m not Icelander
Didn’t say you were!
I’m not Icelendic ;)
# Kick
The money will arrive because the UK government had the sense to seize assets in order to stop them being pillaged.
Your response exemplifies why Iceland is despised. Not only has there been dishonour without contrition – there is pride attaining pariah status
Well Terry, the money is not for you, it’s for the Icelanders. So I suggest you stop waiting.
Signed,
The Nordics
To the Icelanders:
We are the good human beings in this unfair world will do what we can to help you, you have not caused the current financial mess. Although I am a UK Icesaver and not happy about your governement’s dishonourable action towards us, I’ll do my part in helping you by hopefully visiting Iceland and spend some money there (when I get my Icesave money back). I hold nothing against you Icelandic people and feel sorry that you are forced to ask for financial help from everywhere … it should not come to this if your economy had been managed better and that you had asked your governing bodies proper questions in the boom and prosperous years, I wish you did question them !!!!!!
@Øystein:
I think we had the best plan in Scandinavia, even if it was very expensive for Sweden.
When Kaupting EDGE collapsed, all the money had been moved out of Sweden, all that was left was a 5 billion Kronor deep hole.
Anders Borg quickly refinanced the hole by granting a 5bill kronor loan. This was very expensive to do so, but after all it is a loan, and the price of stability in the financial markets are expensive.
Kaupting EDGE in Sweden is gone, all accounts closed and money paid to account holders interest included. Personally I do think that it isn’t fair to leave the Swedish government with the job of cleaning up the mess, but right now we need solutions and actions. Not accusations!
The lawyers can have heir day in court when things have settled down.
GT: I think you are right. To me it looks like that we are really working closer than ever. Those outside the region does in fact not understand what this means. That Faroe Islands also wants to contribute with loans is also a symbol of the relations.
“Pretty slow horses in this Nordic ‘Family’”
Well. I dont know who is the slow ones, but Iceland got the invitation from its Nordic neighbours already in May. But Iceland did not return the invite.
Now we have a great chance to make the Nordic region stronger for the future.
You are our friend now, everybody is our friends. Help us God.
The Cavalry is coming? Pretty slow horses in this Nordic ‘Family’. As a UK Icesaver – still waiting for the return of my money – to be returned thanks to the UK government. I now observe a narcissistic introverted selfish nation agonise about itself.
Iceland’s conduct in reneging on banking guarantees, was equable to the captain of a sinking ship putting the crew in the lifeboats and leaving the fare paying passengers to sink. Thanks Iceland – good luck in whatever new friends you may find.