Is a mediator needed to settle Icesave?

baltic-statesEva Joly, adviser to Iceland’s special prosecutor into the banking crisis, said on Icelandic television yesterday that the tide of international public opinion regarding Icesave seems to be swinging in Iceland’s favour.

She said the sensible thing for the Icelandic government to do next would be to engage a third party to help draft an entirely new Icesave agreement which is fair on all involved. She recommended Germany, France and Spain as possible neutral third parties.

Iceland’s finance minister, Steingrimur J. Sigfusson said in a separate interview later on that the idea is not being dismissed out of hand; but that the Netherlands and the UK would have to agree to it first and formal discussions would need to take place to discuss the idea of third-party renegotiation.

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