Icesave: Misunderstanding in the foreign media

FT“Icelanders are not going to pay their debts generated at the time of the fall of the banks in 2008.” This is a common misunderstanding of the facts being played in the foreign media after the president of Iceland decided to send Icesave to a public vote.

News of the president’s ‘veto’ on the Icesave Bill travelled quickly over the globe, and it seems that many journalists are under the wrong impression that Iceland does not intend to pay the Icesave bill. Sky News was the first to come out with this misunderstanding that Icelanders did not want to pay the British and Dutch.

Beside Dutch and British media, German media have been quite active and there this misunderstanding lingers, as many German news channels continue to state that Icelanders have rejected paying back the Icesave debts. Among the strongest headlines seen in German news media was in the Financial Times Deutschland, where the headline stated that the President of Iceland has called new a crisis down upon Iceland.

The Guardian is closest to the Icelandic government’s stated truth, saying that an argument has been ignited between the President and the heads of the Icelandic Government. By his action the president had put Iceland in further uncertainty, but the Prime Minister has promised that the debt will still be paid.

Most media agreed that this action will have unforeseen long-term implications, both politically and economically. reports

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