Posts Tagged ‘Brussels’
Monday, October 26th, 2009
A group of Icelandic lawyers is preparing a case against the Icelandic state over the Icesave deal currently nearing completion. The group believes the executive power wielded in by the government has gone beyond its legal remit. The potential case rests on whether or not the government has the legal authority to saddle the population with so much debt. The lawyers are still working and no formal subpoena has yet been made.
The case is being looked into because the circumstances are unprecedented. The Icesave loan contract has no expiry date and will cost ISK 100 million in interest every day – ISK 3 billion a month. The total loan amount is equivalent to half of Iceland’s 2009 GDP (predicted by the Central Bank of Iceland).
The group of lawyers would like it decided in court whether a government in Iceland can legally sign off on such a deal, or if there is a limit on how much one government can borrow.
Eirikur S. Svavarsson is one of the lawyers in the group. He told Stod 2 News that the government has, for the second time, overextended its authority in the Icesave issue by signing the new bill last week. He claims government officials also had no right to sign the original deal back in June – which was later amended by parliament and then by British, Dutch and Icelandic negotiators and is now back in parliament as a new piece of legislation.
By signing the two contracts, the government has gone outside the boundaries set by last December’s concurrent resolution motion (þingsályktunartillögu), which presupposed the negotiation of the Icesave deal based on the so called Brussels benchmarks, Svavarsson claims.
Tags: 100 Million, Bank Of Iceland, Benchmarks, Boundaries, Brussels, Central Bank Of Iceland, Concurrent Resolution, Executive Power, Expiry Date, Gdp, Government Officials, Lawyers, Loan Contract, Negotiation, Negotiators, Parliament, Remit, Resolution Motion, Second Time, Subpoena
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Wednesday, October 21st, 2009
The first answers to the European Union’s questionnaire in connection with Iceland’s membership application have been sent to Brussels, according to Foreign Minister of Iceland Össur Skarphédinsson. A negotiation committee has yet to be appointed.
Tags: Brussels, European Union, Foreign Minister, Iceland, Membership Application, Negotiation, Questionnaire
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Wednesday, October 7th, 2009
If a solution is not found for the Icesave issue soon, Iceland’s European Economic Area membership could be cancelled, according to an Icelandic European political analyst.
Iceland does not fulfil the terms of the EEA contract and has not done so since the emergency finance laws were passed last autumn, says Eirikur Bergmann, professor and head of the European Studies Centre at Bifrost University.
The European Union should by rights have cancelled the EEA deal already but has not because Iceland is applying to join the EU, Bergmann told Frettabladid. If Iceland chooses not to proceed with its EU application before coming to a mutually agreeable Icesave conclusion, then the EU executive will have little choice but to end Iceland’s EEA membership.
“Iceland has two main options. One is to confirm the Icesave law, take a full part in international co-operation and enjoy the support of the free market. The other is to withdraw ourselves from the international financial system, not pay Icesave and keep our currency exchange restrictions. I cannot say which option is best,” Bergmann said.
Kristjan Vigfusson, adjunct and head of European Studies at the University of Reykjavik would not disagree with Bergmann’s point of view. He said it is difficult to predict what will happen, but that Iceland’s currency controls are indeed causing headaches in Brussels, as can be seen in the questions being asked of the Icelandic government with regard to its EU application. Vigfusson said it is possible that no deal on Icesave could plunge the EEA into a crisis.
Tags: Adjunct, Bifrost, Brussels, Conclusion, Currency Controls, Currency Exchange, Eea, Emergency Finance, European Economic Area, European Union, Finance Laws, Headaches, Iceland, Icesave, International Co, Last Autumn, Point Of View, Political Analyst, Regard, University Of Reykjavik
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Friday, September 4th, 2009
Charlie McCreevy, the European Union’s internal market commissioner, told a conference on responsible lending in Brussels on Thursday that the difficulties that had arisen after domestic customers were lured into taking out mortgages denominated in other currencies were “a big concern”.
He confirmed that the Commission wanted to introduce “specific and penal” capital requirements on lenders to prevent the granting of excessive loans to private households when these are denominated in a currency other than that of the borrower’s income.
From the Financial Times
Rhyming with what I’ve said before, banks have an unfair advantage over regular customers when it comes to negotiating the rates of mortgages and loans. Reason enough for customers to be allowed to renegotiate or walk away.
Tags: Banks, Brussels, Charlie Mccreevy, Currencies, Currency Loan, Domestic Customers, European Union, Financial Times, Foreign Currency, Lenders, Mortgages And Loans, Private Households, Unfair Advantage
Posted in Iceland, Market | No Comments »
Monday, August 17th, 2009
All foreign ambassadors in Iceland will be informed in detail about the current state of the Icesave bill today. European Union representatives in Brussels will be updated with the same information at the same time.
Icelandic Foreign Minister, Ossur Skarphedinsson, said yesterday that the government has been in regular contact with the British and Dutch authorities this weekend and has been updating them both on the changes being made to the bill and the progress of the negotiations on a daily basis since Friday. “We have gone over the issues in close detail with them and they have been provided with a very clear translation of the new bill,” he said to mbl.is. He added that the British and Dutch have also been informed that the bill still has its second and third debates in parliament to go and that its progress is therefore now in the hands of parliament.
The bill could see further changes as it goes through parliament, according to Skarphedinsson, but he added that the two governments have also been informed of that.
The Foreign Minister said that it is important to keep the European Union updated on the issue as well, and especially the French and the Germans, who will all be updated today. The minister would not be drawn on the initial British and Dutch reaction to the new bill, saying that their attitudes could yet change the further they study the issue. He added that he is personally confident that the changes made still fit within the frame of the original agreement, but that there is no way of being sure what the final outcome will be yet.
Steingrimur J. Sigfusson, Minister of Finance stressed that the British and Dutch authorities will continue to be regularly briefed. “I hope that they will understand,” he said. The minister also said in an unrelated speech yesterday that those responsible for the banking crisis should come out publicly and apologise for what they have done to the Icelandic nation, according to RUV.
Gudbjartur Hannesson, the Social Democrat MP who heads the parliamentary finance committee, said that there is still plenty of work to do.
Tags: Attitudes, Banking Crisis, Brussels, Current State, Daily Basis, Debates, Dutch Authorities, European Union, Foreign Ambassadors, Foreign Minister, Germans, Governments, Iceland, Minister Of Finance, Negotiations, Ossur, Parliament, Translation, Union Representatives
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Sunday, August 2nd, 2009
While the country's leaders propel accession, others raise doubts. By Teri Schultz - GlobalPost Published: July 30, 2009 06:59 ET BRUSSELS - When Johanna Sigurdadottir became Iceland's prime minister in April, trouncing the conservative party that had ruled for 18 years, she said it was a signal that Icelanders supported her view that European ...
Tags: 18 Years, April, Brussels, Conservative Party, Doubts, Iceland, Johanna, Prime Minister, Teri
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Tuesday, July 28th, 2009
JustA days after Iceland filed its application to join the European Union,A EU foreign ministers meeting in Brussels today A are expected to accept it and ask the European Commission to draft an opinion.
Tags: Accession, Brussels, European Commission, European Union, Foreign Ministers, Iceland, Ministers Meeting
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Monday, July 27th, 2009
Swedish Foreign Minister Carl Bildt told reporters in Brussels this morning that Iceland would not get a fast track treatment in their application for membership of the EU.
Tags: Brussels, Carl Bildt, Fast Track, Foreign Minister, Iceland
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Saturday, July 18th, 2009
As Iceland prepares to negotiate membership of the EU, Icelanders are torn between feeling it may be best for the country and fears they could lose their independence to faraway Brussels.
Tags: Brussels, Fears, Iceland, Membership Talks
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Friday, July 17th, 2009
The following is a Press Release from the European People’s Party regarding Iceland’s membership application to join the European Union.
EPP PRESIDENT WELCOMES DECISION TO SUBMIT EU MEMBERSHIP APPLICATION
Brussels, 17 July 2009
Wilfried Martens, the President of the European People’s Party (EPP, Europe’s centre-right political family), welcomed the decision of Iceland to submit an application for EU membership. Iceland, with a population of just 320.000, has traditionally been skeptical about joining the European Union.
“I welcome yesterday’s historic decision of the Icelandic parliament to submit an application for EU membership. Iceland is an important European country with a long democratic tradition and has strong links not only with the Nordic EU Member States but also with the EU at-large. It is my strong belief that Iceland has a place in the European Union family,” stated the EPP President.
“The imminent EU application of Iceland also proves that the European idea is reaching every corner of Europe and inspires hope, prospect, solidarity. I look forward to visiting Reykjavík and discussing with like-minded leaders and opinion-makers Iceland’s EU perspective,” Martens added.
For more information:
Kostas Sasmatzoglou, Spokesman, Tel. +32-2-2854147
Javier Jiménez, Press Officer, Tel: +32-475480446
Tags: 17 July, Belief That, Brussels, Democratic Tradition, Epp, Eu Member States, Europe, European Idea, European Union, Hope Prospect, Membership Application, Nordic, Parliament, Perspective, Population, Press Release, Solidarity, Spokesman, Strong Belief, Wilfried Martens
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Thursday, July 16th, 2009
Today the Icelandic Parliament has voted “yes” to start official negotiations to apply for European Union membership. The votes were close, 33 were for, 28 were against, and 2 withdrew. Iceland will submit an application formally in Brussels on 27 July. It is expected to take around 2 years until the nation will vote whether to join the EU after membership negotiations have been discussed.
The following below is a list of Members of Parliaments according to their votes.
VOTES FOR JOINING THE EUROPEAN UNION
Samfylkingin (Alliance Party)
Jóhanna Sigurðardóttir
Helgi Hjörvar
Valgerður Bjarnadóttir
Steinunn Valdís Óskarsdóttir
Össur Skarphéðinsson
Sigríður Ingibjörg Ingadóttir
Skúli Helgason
Ásta Ragnheiður Jóhannesdóttir
Árni Páll Árnason
Katrín Júlíusdóttir
Þórunn Sveinbjarnardóttir
Magnús Orri Schram
Björgvin G. Sigurðsson
Oddný Guðbjörg Harðardóttir
Róbert Marshall
Kristján Möller
Guðbjartur Hannesson
Ólína Þorvarðardóttir
Sigmundur Ernir Rúnarsson
Jónína Rós Guðmundsdóttir
Vinstri græn (Left Greens)
Árni Þór Sigurðsson
Álfheiður Ingadóttir
Svandís Svavarsdóttir
Lilja Mósesdóttir
Ögmundur Jónasson
Steingrímur J. Sigfússon
Bjarkey Gunnarsdóttir
Katrín Jakobsdóttir
Sjálfstæðisflokkur (Independence Party)
Ragnheiður Ríkharðsdóttir
Framsóknarflokkur (Progressive Party)
Siv Friðleifsdóttir
Birkir Jón Jónsson
Guðmundur Steingrímsson
Borgarahreyfingin (Citizens’ Movement)
Þráinn Bertelsson
VOTES AGAINST JOINING THE EUROPEAN UNION
Sjálfstæðisflokkur (Independence Party)
Illugi Gunnarsson
Pétur H. Blöndal
Ólöf Nordal
Birgir Ármannsson
Bjarni Benediktsson
Jón Gunnarsson
Ragnheiður Elín Árnadóttir
Árni Johnsen
Unnur Brá Konráðsdóttir
Kristján Þór Júlíusson
Tryggvi Þór Herbertsson
Ásbjörn Óttarsson
Einar K. Guðfinnsson
Guðlaugur Þór Þórðarson
Vinstri græn (Left Greens)
Atli Gíslason
Þuríður Backman
Lilja Rafney Magnúsdóttir
Ásmundur Einar Daðason
Jón Bjarnason
Framsóknarflokkur (Progressive Party)
Sigmundur Davíð Gunnlaugsson
Vigdís Hauksdóttir
Eygló Harðardóttir
Gunnar Bragi Sveinsson
Höskuldur Þórhallsson
Sigurður Ingi Jóhannsson
Borgarahreyfingin (Citizens’ Movement)
Þór Saari
Birgitta Jónsdóttir
Margrét Tryggvadóttir
Absent from voting
Þorgerður Katrín Gunnarsdóttir (Indp.)
Guðfríður Lilja Grétarsdóttir (Lft Grns)
Tags: Alliance Party, Atli, Backman, Bjarni, Brussels, Einar, European Union, European Union Membership, Greens, Gunnarsson, Helgi, Independence Party, Lilja, Membership Negotiations, Nordal, Parliament, Parliaments, Progressive Party, Schram, Unnur
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Friday, July 10th, 2009
Parliament ministers for the Social Democrats, the party leading Iceland’s coalition government and headed by Prime Minister Jóhanna Sigurdardóttir, plans to formally submit an application for Iceland's membership to the European Union in Brussels on July 27, at a meeting of the EU foreign ministers.
Tags: Brussels, Coalition Government, European Union, Foreign Ministers, Iceland Government, Nbsp, Parliament, Prime Minister, Social Democrats
Posted in Iceland | No Comments »