Posts Tagged ‘Finance Minister’
Monday, May 10th, 2010
The Icelandic cabinet met last night in Reykjavik to discuss the nation’s finance and the proposed merger of several ministries.
“This is just a work meeting which will cover national finances and the budget, preparation, and where we stand with regard to big and vital projects,” Finance Minister Steingrimur J. Sigfusson told reporters on the way in to the unusual Sunday night meeting.
Government spending targets are going well according to plan, Sigfusson said; adding that interest costs are lower than had been anticipated. “But when it comes to the income side, some are on target and others below, now we need to address those and (adapt) the financial plan.”
Prime Minister Johanna Sigurdardottir said that the government’s finances are still in a very difficult state. “It is clear to see that the recession has been less severe than expected meaning that we hope to be able to sort this out – but it will be difficult,” she said.
Tags: Budget Preparation, Finance Minister, Government Spending, Interest Costs, Johanna, London Talks, Merger, Met, National Finances, Parliament, Prime Minister, Recession, Referendum, Regard, Reykjavik, Russia, Target, Targets, Unity, Vital Projects
Posted in Iceland | No Comments »
Sunday, May 9th, 2010
Icelandic Prime Minister, Johanna Sigurdardottir says she feels the Special Prosecutor’s decision to start arresting key banking figures marks a milestone in Iceland’s recovery from the banking crash.
The PM told reporters that she feels Iceland has reached a predetermined crossroads, with Thursday’s arrests beginning the process of forcing the big players in the collapse to shoulder responsibility.
Finance Minister, Steingrimur J. Sigfusson echoed Sigurdardottir’s views, saying he was always sure that prominent arrests would be made and that this should send a message to sceptics that the investigation is in full swing and at the top of the nation’s priorities.
A public poll on Visir.is suggested that over 96 percent of participants support the arrest on Thursday of Hreidar Mar Sigurdsson, the former CEO of Kaupthing.
Tags: Boss, Ceo, Collapse, Crash, Crossroads, Finance Minister, Full Swing, Iceland, Johanna, Kaupthing, Milestone, Participants, Prime Minister, Priorities, Public Poll, Special Prosecutor, Visir
Posted in Iceland | No Comments »
Monday, May 3rd, 2010
“Oh my God, I wouldn’t want to be in the position they are in,” said Icelandic Minister of Finance Steingrimur J. Sigfusson to Bloomberg. In the interview he said he believes Iceland avoided Greece’s fate partly because it has its own currency.
“The Greek position is very different to that which Iceland was or is in,” Sigfusson said. “Greece has the euro and we could debate whether that’s good for them at the moment.”
“The sovereign debt crisis will mark the political debate of the years to come,” Sigfusson said. “What lies ahead for the world is to sober up.”
Sigfusson told Bloomberg that the likelihood of an Icelandic default has all but disappeared now that the IMF has paid out on the second tranche of its loan package to the country. “I am optimistic that we will not need all the 4.6 billion dollars that the IMF programme allows for,” Sigfusson said.
The minister said he would like to see financial practices like derivatives and credit default swaps prohibited. Such practices do nothing for the economy as a whole, he said.
Tags: Billion Dollars, Credit Default Swaps, Debt Crisis, Derivatives, Fate, Finance Minister, Financial Practices, Financiers, Greece, Green Leader, Icesave, Imf, Krona, Likelihood, Loan Package, Minister Of Finance, Money Secret, Political Debate, Sovereign Debt, Tranche
Posted in Iceland | No Comments »
Friday, April 16th, 2010
The executive board of the International Monetary Fund has approved the second review of its economic stabilization program for Iceland. Icelandic Finance Minister Steingrímur J. Sigfússon says this radically changes Iceland’s situation.
Tags: Economic Stabilization, Finance Minister, Iceland, Imf, International Monetary Fund, Stabilization Program
Posted in Iceland | No Comments »
Tuesday, April 13th, 2010
Everyone named in the Special Investigation Committee‘s report is asking everyone else to accept responsibility. But nobody has the guts to take the first step.
Why the hesitance? It is quite understandable if you look at it from the viewpoint of someone who‘s wrangled their way to the top in Icelandic politics and banking. They usually don‘t owe their position to any outstanding personal qualities. They‘ve just said yes and nodded in the right places for their party or their friends for long enough to be next in line when a position opens up.
Think about the career of Bjorgvin G. Sigurdsson for example. BA in history and philosophy from the University of Iceland, journalist at Vikubladid and editor of Studentabladid. CEO of Reykjavik Utgafa (a business so small it is hardly google-able). Then CEO of the Social Democrats and its parliamentary group. Campaign manager for the Social Democrats in South-Iceland and Arborg. Member of Parliament. Then Minister of Commerce with prime responsibility for financial markets, currency, competition issues, businesses, the Central Bank etc.!
What on earth in Bjorgvin G. Sigurdsson‘s career could have possibly prepared him for anything but becoming a tiny little deer, facing enormous bulldozer headlights during the economic crash?
He is responsible for accepting a job which was grossly incompatible with his capabilities and experience. Perhaps the only thing he was qualified for was posing during photo ops like the one where he handed an award to Landsbankinn for the best annual report of 2007. And in the final hour he was working with a finance minister who is a vetenarian by trade and two laissez-faire politician lawyers who have never been outside the protective shell of their party acting as PM and Central Bank governors. The responsibility of those who put Bjorgvin there, like Ingibjorg Solrun Gisladottir and Ossur Skarphedinsson is great. Bjorgvin should claim victim status in further investigations into his negligence, it would suit his current image of a child in his fathers clothes. When the NY traffic controller brought his kids to work recently, it was him who got the heat, not the kids. They just didn‘t know any better. Bjorgvin’s defence? He was just there “obeying orders”, playing along, participating in a game of snakes and ladders where he had not set the rules. He was just unfortunate to have rolled the dice and landed on a snake.
These examples are everywhere in Icelandic politics. Thorgerdur Katrin Gunnarsdottir had worked for one year at a law office after graduation when she was handpicked to lead a content department within the State Broadcasting (RUV). Since then her career has been one job after another working selflessly for the party. This did not stop her from suggesting that an expert from Merrill Lynch should be re-educated for his (later to be proven absolutely correct) observations as a financial analyst. This morning, Thorgerdur brushed away questions on the radio regarding her husband‘s billions borrowed from Kaupthing to buy shares in the bank itself saying this had nothing to do with her. Not realising that she personally stood to benefit from these loans, suggests that re-education might just be beyond such a hardened political trench-warmer herself. She has never been brought up by the system in which she excelled to accept responsibility, only to enjoy the gains.
To regain credibility the parties need to shake up their ladder and get rid of ministers like Katrin Juliusdottir (no college degree, purchasing manager at a small company, project manager at software developer, then MP and then MINISTER OF INDUSTRY) and Kristjan Moller (physical education degree, teacher degree, PE teacher, PE rep, shopkeeper, then MP and then MINISTER OF TRANSPORTATION). The value placed on expertice and knowledge in the nation‘s important affairs is degrading and we should not expect anything more from the yes ministers than chaos, bad decisions and further neglicence.
Appointing Gylfi Magnusson and Ragna Arnadottir as independent ministers was a fortunate step foward for the Social Democrats. The goal should be a total separation of powers where the executive branch is elected seperately from the legislative branch. The funny thing is that despite Ragna and Gylfi are now the most popular ministers according to polls, the Social Democratic leadership has been under great pressure from the people stuck in the ladder below, to oust the two because it is somebody‘s turn next to overestimate their capabilities and underestimate the tasks that come with running a country.
Related posts:
- Finally resignations
- Seriously?
- The fact
Tags: Accepting A Job, Central Bank Governors, Competition Issues, Currency Competition, Economic Crash, Final Hour, Finance Minister, Google, Investigation Committee, Member Of Parliament, Minister Of Commerce, Parliamentary Group, Photo Ops, Prime Responsibility, Protective Shell, Social Democrats, South Iceland, University Of Iceland, Vetenarian, What On Earth
Posted in Iceland, Market | No Comments »
Tuesday, April 13th, 2010
If former Icelandic ministers broke laws on ministerial responsibility with their reported negligence, they could face up to two years in prison.
The Althingi-commissioned report into Iceland’s banking collapse in 2008 accused ministers Geir H. Haarde (Prime Minister), Arni Mathiesen (Finance Minister) and Bjorgvin G. Sigurdsson (Minister of Commerce) with gross negligence in their handling of the run up to the collapse.
A committee of MPs will meet to go over the report today and prepare a response on behalf of parliament. Bjorgvin G. Sigurdsson has already requested that the committee call together a so-called ‘national high court’ to pronounce on the ministers’ alleged negligence.
Under Iceland’s laws on ministerial responsibility from 1963, ministers found to have acted negligently can face fines or prison. The head of the parliamentary committee, Atli Gislason, told RUV that this particular issue absolutely must be dealt with during this session of parliament, which ends in September.
Tags: Arni, Collapse, Face Jail, Finance Minister, Gross Negligence, Iceland, Mathiesen, Minister Of Commerce, Ministerial Responsibility, Parliament, Parliamentary Committee, Prime Minister
Posted in Iceland | No Comments »
Monday, April 12th, 2010
According to the Althingi banking report, of the twelve public figures legally allowed to respond to allegations ahead of time and have their opinions included in the final document, all placed the blame with others.
Despite their personal feelings, the report did make quite clear to state that ministers of the former government were guilty of extreme negligence in their duties leading up to, and immediately following, the banking crash.
Former Prime Minister Geir H. Haarde, Finance Minister Arni M. Mathiesen and Minister of Business Affairs Bjorgvin G. Sigurdsson are all singled out for their failings. All three were among those to have denied responsibility beforehand.
Tags: Allegations, Arni, Business Affairs, Collapse, Crash, Finance Minister, Former Prime Minister, Mathiesen, Negligence, Personal Feelings
Posted in Iceland | No Comments »
Monday, April 12th, 2010
Former Central Bank of Iceland head David Oddson’s previous role as Prime Minister hampered his credibility within the Independence Party/Social Democrat government which succeeded him. According to the Althingi banking report, the Social Democrats often refused to listen to him.
Oddsson’s personal unpopularity with the Social Democrats meant that his representations to cabinet meetings were not taken seriously – even when he painted a particularly dark picture of the state of the economy in early 2008.
The Social Democrats took personal dislike to Oddsson partly because they blamed him for having pushed hard for the banks to be privatised and sold to parties they viewed as “inside friends”.
This view is corroborated in the report by Steingrimur Ari Arason who sat as the Finance Minister’s representative on the Privatisation Committee for years but resigned in 2002 under what he described as political pressure. The sale of the government’s stake in Landsbanki to Sampson Holdings was confirmed the day after.
Tags: Arason, Bank Of Iceland, Banks, Cabinet Meetings, Central Bank Of Iceland, Communication, Credibility, Democrats, Economy, Failure, Finance Minister, Independence Party, Landsbanki, Oddson, Personal Dislike, Prime Minister, Representations, Sampson, Social Democrat, Stake
Posted in Iceland | No Comments »
Friday, April 2nd, 2010
The Swedish government has announced that it will abolish the requirement for small businesses to employ an accountant. The move is aimed at removing some of the unnecessary red tape that hinders an estimated 250,000 small businesses across the country.
At a press conference last week, Swedish enterprise minister Maud Olofsson said, “This is an important step to simplify regulations for companies.” She went on to say that the legal amendment will result in savings of up to SEK 2.5 billion (USD 346 million) for affected companies. The Local also reported that the state will stand to save an additional SEK 1.3 billion (USD 180 million), which will be generated by higher stamp duties and increased property taxes on hydroelectric power..
The Swedish Federation of Business Owners welcomed the move, acknowledging that Olofsson had endured a bitter battle with the finance ministry in pushing through the new legislation, which will come into effect on 1st November.
“This is a hard-won victory for the enterprise minister Maud Olofsson. She has had to toil away like a northern Swedish cart-horse while the finance minister Anders Borg has worked against her,” said Anna-Stina Nordmark, the federation’s CEO. While the group admitted they would have preferred higher thresholds to include more firms, the reduction of administrative duties was well received.
An accountant will still be required by law to be hired by companies banking more than SEK 1.5 million (USD 206,000) and for those with an annual turnover in excess of three million kronor (USD 412,000).
Tags: 1st November, Administrative Duties, Annual Turnover, Bitter Battle, Cart Horse, Finance Minister, Finance Ministry, Hydroelectric Power, Maud Olofsson, New Legislation, Nordmark, Property Taxes, Red Tape, Stamp Duties, Stina, Swedish Federation, Swedish Government, Thresholds, Usd 346, Won Victory
Posted in Iceland | No Comments »
Thursday, March 18th, 2010
Representatives of the Icelandic government, including Prime Minister Jóhanna Sigurdardóttir and Finance Minister Steingrímur J. Sigfússon, announced various new resources to solve the debt problems of households at a press conference in the Culture House yesterday.
Tags: Debt Problems, Finance Minister, Household Debt, Households, Iceland, New Resources, Prime Minister
Posted in Iceland | No Comments »
Tuesday, March 9th, 2010
“I think what is happening in Iceland proves that our own currency is very beneficial to our needs. You don’t have to go far back to see that the currency developments have increased the competitiveness of Icelandic businesses and industries”.
- Steingrimur J. Sigfusson, Finance Minister of Iceland two years after an economic collapse all but wiped out the Icelandic financial sector after years of “hot money” flowing into the country because of exorbitant interest rates imposed to battle inflation.
He is crediting the arsonist for bringing a bucket of water to the fire.
What he is really celebrating is Iceland moving one step closer to the developing world and improving our “competitiveness” through a worthless currency. Never mind the comparative loss of wealth to citizens in the developed world.
A classic argument for not joining the EU and improving the livelyhood of Iceland’s citizens.
Related posts:
- Thanks A Bucket – But Stiglitz Wants IMF Out Of Iceland
- Finance minister wants to abolish price-indexation
- UK Crackpot: McDonald’s flight shows Iceland’s policy works
Tags: Arsonist, Bucket Of Water, Citizens, Competitiveness, Crackpot, Currency, Developing World, Economic Collapse, Exorbitant Interest Rates, Finance Minister, Financial Sector, Hot Money, Iceland, Imf, Indexation, Inflation, Livelyhood, Mcdonald, Stiglitz
Posted in Iceland, Market | No Comments »
Sunday, March 7th, 2010
Finance Minister Steingrímur J. Sigfússon said this morning on radio Bylgjan that he had considered resigning after President Ólafur Ragnar Grímsson refused to sign the Icesave-law. When asked if he is thinking about resigning after the referendum he says that he sees no purpose in doing so.
Tags: Finance Minister, Iceland, Radio, Ragnar, Referendum
Posted in Iceland | No Comments »
Saturday, March 6th, 2010
Icelandic polling stations closed at 22.00 and initial results are being released immediately.
Voter turn out was lower than in the last parliamentary election.
With 74,151 votes counted so far nationally, 68,993 of voters have chosen to reject the December Icesave repayment deal. 93.1 percent of votes nationally have been ‘no’ votes and 1.6 percent ‘yes’.
19,300 people voted in Reykjavik North. 356 said yes, 17,738 said no and 1,206 empty ballots were cast in protest. 19,500 people voted in the Southwest region. 250 voted yes, 18,350 voted no, 850 ballots were empty and 50 were invalid.
Prime Minister Johanna Sigurdardottir told RUV that she is not at all surprised at the result because the law the people were voting on is in fact no longer relevant as a better deal has already been offered. Finance Minister Steingrimur J. Sigfusson said he is personally surprised at how many people voted yes. Both say they are confident that the referendum outcome will not break up the government.
Tags: Ballots, Finance Minister, Icesave, Initial Results, Johanna, Parliamentary Election, Polling Stations, Prime Minister, Protest, Referendum, Reykjavik, Southwest Region
Posted in Iceland | No Comments »
Saturday, March 6th, 2010
The British and Dutch authoritites have apparently indicated that they will be willing to hold more Icesave talks next week.
Icelandic Finance Minister Steingrimur J. Sigfusson revealed this information while speaking on television last night, saying the British and Dutch intend to hold back from discussions while today’s referendum goes ahead; but are ready to continue the process next week.
Meanwhile the referendum on the December Icesave law is happening right now. Initial results are expected to appear shortly after the polls close this evening. Icelanders are widely predicted to vote against the controversial repayment deal with the UK and the Netherlands.
Tags: Finance Minister, Icesave, Initial Results, Negotiations, Netherlands, Polls, Referendum, Television, Vote
Posted in Iceland | No Comments »
Friday, March 5th, 2010
The political life of Icelandic Finance Minister, Steingrimur J. Sigfusson could be coming to an end if a new Icesave deal cannot be reached with the British and Dutch before Iceland’s referendum on Saturday.
Negotiations are said to be at loggerheads and no new meeting has yet been announced for this morning. According to Visir.is, this means a political crisis could soon hit Iceland.
Few have invested so much time and effort in the Icesave issue as Sigfusson has and he has been pushing hard for a final solution since the first set of negotiations ended last June.
For this he has not only had to answer to the opposition, but also to dissenters in his own Left Green Party. Ogmundur Jonasson resigned his position as Health Minister over his disagreement with his party’s line on Icesave; and he and Lilja Mosesdottir both voted against the government in parliament.
Visir.is sources within government state that Sigfusson’s position will be seriously weakened if no new deal is confirmed before Saturday and the nation then votes the existing law down.
Sigfusson and Prime Minister Johanna Sigurdardottir have both been careful to avoid linking the Icesave referendum to the status of their coalition government; but it is clear a defeat would make the job of the government more difficult.
The possibility of a new deal before the referendum results are known still persists; but any government hopes to postpone or cancel the ballot have now evaporated.
Every home in Iceland this week received a brochure explaining the referendum in close detail. It is also available in English here.
Tags: Coalition Government, Disagreement, Dissenters, Final Solution, Finance Minister, Finmin, Government State, Green Party, Health Minister, Icesave, Johanna, Loggerheads, Negotiations, New Deal, New Meeting, Political Crisis, Referendum Results, S Line, Speculation, Visir
Posted in Iceland | No Comments »
Thursday, March 4th, 2010
It is unlikely that Saturday’s Icesave referendum in Iceland will be postponed, the Prime Minister said.
An un-named Icelandic government representative told RUV that the referendum on December’s Icesave bill will definitely go ahead this Saturday unless a new contract with the Netherlands and the UK can be reached early today. Icelandic negotiators met with their British counterparts in London for much of yesterday.
The meeting ended yesterday evening but the outcome of the meeting has not yet been formally stated. News is expected this morning.
Icelandic Prime Minister Johanna Sigurdardottir told media yesterday evening that it is unlikely the referendum will be postponed or cancelled even if a new deal was struck last night or this morning. There is no longer enough time to pass a new deal into law before Saturday, she explained.
Finance Minister Steingrimur J. Sigfusson disagreed slightly, saying that it is still technically possible to stop the referendum going ahead; but added that it is now highly unlikely.
The offer the Icelandic negotiators took to London last week was rejected and the British counteroffer was subsequently rejected by Reykjavik. The negotiators have since been working on interest and technical issues. Sigurdardottir said lowering Iceland’s payment burden and lowering the interest rate have been top of the agenda.
Tags: Ahead, British Counterparts, Counteroffer, Finance Minister, Government Representative, Iceland, Icesave, Interest Rate, Johanna, London Talks, Negotiators, Netherlands, New Contract, New Deal, Prime Minister, Referendum, Reykjavik, Yesterday Evening
Posted in Iceland | No Comments »
Wednesday, March 3rd, 2010
The Icelandic negotiation committee on Icesave did not make a new formal offer to the UK and the Netherland yesterday evening as planned. However, Finance Minister Steingrímur J. Sigfússon said an agreement will still be attempted.
Tags: Finance Minister, Iceland, Negotiation, Yesterday Evening
Posted in Iceland | No Comments »
Wednesday, March 3rd, 2010
Steingrimur J. Sigfusson, Iceland’s Finance Minister has told the press that this Saturday’s Icesave referendum will be perfectly pointless and a waste of money if a new contract is on the table. Prime Minister Johanna Sigurdardottir meanwhile did not rule out the possibility of delaying the plebiscite for one week.
A national referendum on the so-called Icesave law is due to be held this Saturday following President Olafur Ragnar Grimsson’s January decision not to ratify the bill. The referendum will go ahead as scheduled unless the British and Dutch governments agree to renegotiate the deal which is widely expected to be rejected by voters. One of the main reasons it is likely to be rejected is because the terms being voted on are less favourable than a more recent Anglo Dutch offer which the Icelandic side rejected.
The leader of the opposition Independence Party, Bjarni Benediktsson has meanwhile stated that the referendum should go ahead on schedule without question as there has been no clear indication yet that the British and Dutch are willing to offer a significantly better deal.
Progressive Party leader Sigmundur David Gunnlaugsson told RUV that although the public will likely vote ‘no’ in the referendum, there is no indication that the current government will split as a result.
Tags: Ahead, Barometer, Dutch Governments, Finance Minister, Icesave, Independence Party, Johanna, Leader Of The Opposition, National Referendum, New Contract, Party Leader, Plebiscite, Prime Minister, Progressive Party, Ragnar, Waste Of Money
Posted in Iceland | No Comments »
The long-awaited report on the banking collapse was presented by the Althingi Special Investigation Commission (SIC) today at 10:30 am. The SIC concluded that former Prime Minister Geir H. Haarde, Finance Minister Árni M. Mathiesen and Minister of Business Affairs Björgvin G. Sigurdsson were negligent.