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Economy

Glitnir

Claimants of Collapsed Banks Accept Terms

The claimants of the collapsed Icelandic banks have agreed to the conditions introduced by the government of Iceland in order to guarantee economic stability when the capital controls—which have been in place since the banking collapse in 2008—will be lifted.

Bjarni Benediktsson and Sigmundur Davíð Gunnlaugsson

New Action Plan for Labor Market Presented

The government of Iceland presented an action plan in 11 parts at a press conference this morning, aimed at expediting the design of new wage contracts and calming the current unrest in the labor market. The measures concern taxation, welfare and housing.

Icelandic minke whale meat.

Icelandic Whale Watchers Protest Hunt

IceWhale, the whale watchers’ association of Iceland, strongly criticizes the fact that minke whale hunting has now begun again in Faxaflói bay, one of the most important whale watching areas in the country.

Money - Icelandic Króna

PM Calls for Reform of Iceland’s Monetary System

A report, commissioned by Prime Minister Sigmundur Davíð Gunnlaugsson, outlining the need for a fundamental reform of Iceland’s monetary system, was published today by Progressive Party MP and chair of the Alþingi parliament’s Committee for Economic Affairs and Trade Frosti Sigurjónsson.

IMF Mostly Happy With Iceland

The International Monetary Fund says Iceland needs to work to maintain financial stability during the removal of capital controls and to ensure inflation remains stable.

Money - Icelandic Króna

Icelandic Króna Featured in New Documentary

A new Icelandic documentary Íslenska krónan, features the Icelandic currency, its history current position and future prospects. Directed by Garðar Stefánsson and produced by Atli Bollason, it will be screened at Bíó Paradís cinema in Reykjavík starting this Sunday.

Glitnir

Icelandic Banks Profit ISK 370 Billion since Collapse

The combined profits of the three large commercial banks in Iceland, Landsbanki, Arion Banki (earlier Kaupþing) and Íslandsbanki (earlier Glitnir), was ISK 80 billion (USD 600 million, EUR 530 million) last year. Since the banking collapse in 2008, they’ve earned ISK 370 billion (USD 2.8 billion...

Minister for the Environment Sigrún Magnúsdóttir.

Progressive Party to Modify Wording of EEA Agreement

Minister for the Environment Sigrún Magnúsdóttir of the Progressive Party has stated that all the regulations Iceland must follow as part of the EEA Agreement have long been considered a hindrance by members of her party and suggests that the wording in the Icelandic translation of the EEA...

Reykjavík zoo

Inflation below 1 Percent in Iceland

The average 12-month inflation in Iceland measures 0.8 percent. It’s the first time since 1998 that inflation drops below 1 percent. In the past three months, Iceland has seen a deflation by 0.3 percent, according to the latest update from Statistics Iceland.

Money - Icelandic Króna

Britain Recovers 85 Percent of Icesave Claims

The Economic Secretary to the Treasury, Andrea Leadsom, confirmed yesterday that the British government has recovered a further GBP 1.36 billion (ISK 264 billion, USD 2.14 billion, EUR 1.71 billion) from the Landsbanki estate in Iceland, which operated as Icesave in the UK, following its...

Money - Icelandic Króna

EFTA Court Finds Icelandic Loans to Be Illegal

The EFTA Court ruled on Monday that it is not in compliance with the EU directive to base agreements for indexed consumer loans on zero percent inflation. Icelandic courts are to evaluate what effect the false information has had and what measures can be taken in response.

fishermen at work

Iceland Not Invited to Mackerel Debate Meeting

Delegates of the Faroe Islands, Norway and the European Union will meet in Bergen, Norway, to discuss the division of the mackerel fishing quota, which has long been debated, next week. The three parties have reached an agreement between themselves. Iceland was not invited to the meeting.

Reykjavík with Hallgrímskirkja in the background

Loans to be Corrected by ISK 1.35 Million on Average

The average write-off under the government’s debt cancelation plan, which aims to correct indexed mortgages for the effects of inflation in 2008 and 2009, will be ISK 1.35 million (USD 11,000, EUR 8,800) per household, as announced in a press conference this afternoon.

Keflavík

Southwest Iceland Community Heavily Indebted

Reykjanesbær municipality in Southwest Iceland, including Keflavík, is in debt by more than ISK 40 billion (USD 327 million, EUR 260 million), as revealed when a report by KPMG on the community’s finances was presented at a public meeting yesterday evening.

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