31.7.2009 | 20:16
Iceland angry at IMF aid delay
Úr Financial Times
Iceland vented frustration on Friday over a delay to further international aid to the country, amid allegations that the British and Dutch governments were responsible for the hold-up.
Johanna Sigurdardóttir, prime minister, said it was regrettable the International Monetary Fund had postponed a review that must be completed before Iceland can receive more of the $2.1bn (1.47, £1.26bn) rescue package agreed after its banking sector collapsed.
Government officials said they suspected the delay aimed to increase pressure on Icelands parliament to ratify a deal to reimburse British and Dutch savers who lost money in Icelandic accounts. Reykjavik reached an accord in June to borrow £2.3bn from the UK and 1.2bn from the Netherlands to repay the countries for compensation to more than 300,000 depositors in the Icesave savings account.
But Icelands parliament has so far refused to approve the deal, amid mounting public anger over the allegedly harsh terms of the loans.
One government official said there was an assumption that the British and Dutch governments had influenced the IMF to hold back additional funds until parliament votes. Britain denied those allegations on Friday, pointing out that refloating the Icelandic economy with IMF support was crucial to Londons aim of recouping its money.
The UK government is fully supportive of the IMF process with Iceland, said a UK Treasury spokesman. Timings of IMF board meetings are a matter for the IMF management.
The IMF refused to be drawn on why the latest review of Icelands loan programme had been postponed. In addition to the $2.1bn IMF loan, a further $2.5bn from its Nordic neighbours is also tied to IMF approval.
Iceland stressed that it had ample foreign currency reserves to cope with a short-term delay. But Ms Sigurdardóttir made clear her disappointment that recent efforts to rebuild the economy had gone unrewarded by the IMF.
Major progress has been made in refinancing the banking system, she said. As Iceland has fulfilled all the conditions set for the programme review, it is regrettable that its approval by the executive board will now be postponed.
The view in London is that Iceland has a tendency to imagine a British or Dutch conspiracy behind any bad news, a reflection of grim relations between Britain and Reykjavik
Anti-British sentiment has been running high since the UK used anti-terror laws to freeze Icelandic assets last October. That anger reignited once the full cost of the Icesave compensation deal became clear.
Many Icelanders question why they should foot the bill for foreign savings lost in a private bank and feel resentful of the pressure being applied by London and Amsterdam. The Dutch foreign minister recently made clear that support for Icelands bid to join the European Union was conditional on the Icesave deal.
The British and Dutch governments are misusing their powers in these international institutions, said Ragnar Hall, a prominent Icelandic lawyer who opposes the agreement (Financial Times)
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Greinar um Ísland og kreppuna í erlendum miðlum
- Walking up to reality in Iceland, by Jón Daníelsson
- Time to install Iceland 2.0, by Ben H Murray
- Bizarre battering of insurers, by Anthony Hilton
- European bank bail-out could push EU into crisis, by Bruno Waterfield
- In praise of Iceland, editorial
- Culpability debate at RBS intensifies, by Kate Burgess
- Iceland in turmoil as coalition collapses, by David Ibison
- Iceland Turns Hard Left
- Ireland? Iceland? Doubts on Doomsday Scenario in Eire, by Landon Thomas
- Crime Once Exposed Has no Refuge but in Audacity - Tacitus, by Íris Erlingsdóttir
- Iceland's Conservatives Try to Rewrite History, by Íris Erlingsdóttir
- Cracks in the crust
- Major-Washington Agency Runs Iceland Look-Alike Casting, by Edward Hugh
- Nobel prize winner blasts IMF over loans
- How Bad Could The Crisis Get? Lessons From Iceland, Jón Daníelsson
- Iceland: The country that became a hedge fund, by Peter Gumbel
- Ultra-Capitalism Killed Iceland
- Upheaval calls for Fleece Revolution in Iceland, by Lenka Vaiglova
- Who bombed Iceland? by Uwe Reinhardt
- World Agenda: is this the most hated man in Iceland? by Roger Boyes
- Britain and the Netherlands bully little Iceland, by Ársæll Valfells
- Iceland gets cold feet over paying back bailout
- Latvian debt crisis shakes Eastern Europe, by Ambrose Evans-Pritchard
- Iceland PM hits out at IMF rumors, by K. Már Hauksson
- Britain's 'gunboat' diplomacy still angers Iceland, by Ambrose Evans-Pritchard
- A Debate Rages in Iceland: Independence vs. I.M.F. Cash, by Landon Thomas
- All Of Them Must GO, by Naomi Klein
- SFO to help Iceland as probe turns to Kaupthing's US links, by Rowena Mason
- Iceland hits impasse over lost savings, by Andrew Ward and Alex Barker
- Icelanders are angry but will make sacrifices, by Jóhanna Sigurðardóttir
- Iceland seeks UK fraud office help, by Andrew Ward
- For you, the war is over, by Andrew Hill
- Iceland poised for foreign payback pact, by Andrew Ward, Megan Murphy and Jim Pickard
- Icelands debt repayment limits will spread, by Michael Hudson
- Iceland: what ugly secrets are waiting to be exposed in the meltdown?, by Rowena Mason
- The ice storm, by Gauti Kristmannsson
- Brain drain hits cash-strapped Iceland, by Susanne Henn
- Islands nye krise, av Ola Storeng
- Iceland's bank crisis delivers baby boom, by Andrew Ward
- Is Iceland too small? By Þorvaldur Gylfason
- Iceland shows the dangers ahead for us all, by Robert Wade
- Islands Schulden sind zu teilen, Von Clemens Bomsdorf
- The IMF destroys Iceland and Latvia, by Nathan Lewis
- The Lehman Brothers collapse: the global fallout, by Richard Wachman
- Iceland urges media to lift nations gloom, by Andrew Jack
- Iceland after a year of financial crisis, by Robert Jackson
- Icelands PM: Icesave Will Decide the Coalitions Fate
- Icelands PM: We Cannot Wait for IMF Any Longer
- Iceland Reaches Agreement with IMF
- Iceland Minister Confident Icesave Bill Will Pass
- Iceland's president turns cold on Icesave deal, by Rowena Mason
Greinar um Ísland og kreppuna í innlendum miðlum
Álit erlendra sérfræðinga um orsakir efnahagshrunsins
- Undersized: Could Greenland be the new Iceland? Should it be?
- The Icelandic banking crisis and what to do about it: The lender of last resort theory of optimal currency areas
Greinar um hvers vegna Icesave eru ekki skuldir Íslendinga
Greinar um efnahagskreppuna í erlendum dagblöðum
Evrópusambandið
- Support for Lisbon Treaty falls eight points to 46%, by Stephen Collins
- The European Union the New Soviet Union, by Vladimir Bukovsky
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