Posts Tagged ‘Geir Haarde’

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Just Some Private Business Downtown

Saturday, October 10th, 2009

Gisli Marteinn Baldursson, Independence Party city council member doesn’t want the state to be responsible for the debts of “some private business downtown”, i.e. IceSave.

Except Landsbankinn is not just a private business downtown. It was privatized by David Oddson from the Independence Party, into the hands of Independence Party favorites Bjorgolfur Gudmundsson and Bjorgolfur Thor. The chairman of the board of Landsbankinn was simultaneously the CEO of the party. Independence Party hopefuls rose quickly to prominence within the bank. The CEO, Sigurjon Arnason was a youth party member and so was MP candidate Thorlindur Kjartansson, whose responsibilities included marketing IceSave.

The connection with Geir Haarde’s government and David Oddson’s Central Bank was wide and varied. Landsbankinn was anything but a private business downtown.

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God Bless Iceland – Trailer

Friday, September 4th, 2009


The first of many documentaries about the crash is soon to be ready.
God Bless Iceland, citing Geir Haarde’s infamous speech to the Icelandic nation includes interviews with such figures as Bjorgolfur Thor, Jon Asgeir Johannesson and Geir Haarde. Also footage from the protests in January, a policeman’s perspective and a protester’s perspective.

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The Right Man In The Right Place

Tuesday, September 1st, 2009

I just love the fact that the finance minister of Geir Haarde’s ill-fated government who was denounced for being a vetenarian is now working…as a vetenarian.

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And God Taketh…

Tuesday, September 1st, 2009

Amazingly for a nation that is heathen to the core in its behaviour and cringed when Geir Haarde asked the man in the sky to bless it last year, the Protestant National Church is hard to shake off.

It would be nice to say that Iceland has a commonsense like those nations who have seperated between church and state, but commonsense has shown itself to be lacking in our makeup for quite some time now.

While we are counting our chickens though, some curious things are revealed. The salary of one priest for example (paid for by the state coffers) is equivelant to 2 and a half police officers. The amount of direct state funding accepted by the church is just half of what the state spends on the University of Iceland. In indirect gains it is probably much higher.

A question revelant in all times is given even more weight under current circumstances. Should the state still be paying for this?

Even if they have Darth Vader on their side?

PS: I don’t care if you choose something to believe in. I just think it is unfair that one belief system is given such unfair advantage over others.

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Icelandic Politicians And Businessmen on Facebook

Friday, August 28th, 2009
Bjorgolfur Gudmundsson became a fan of money (10 years ago)
Hreidar Mar Sigurdsson, Hannes Smarason, Lydur Gudmundsson, Jon Asgeir Johannesson, Sigurdur Einarsson, Bjarni Armannson like this
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Bjorgolfur Thor has a red Hummer
Sigurdur Einarsson and Bjarni Armannson like this
Jon Sigurdsson where did you get it, I want one too
Hreidar Mar Sigurdsson mee too
Hannes Smarason Sweet Dude!!! I‘ll get one tomorrow
Lydur Gudmundsson Rock on, me too
Jon Asgeir Johannesson Love it, I´ll have my white one painted tomorrow
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Sigmundur Ernir Runarsson is having a drink
David Oddson likes this
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Thor Saari is now friends with Sigmundur David Gunnlaugsson
Bjarni Benediktsson likes this
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Thor  Saari is now friends with Bjarni Benediktsson
Sigmundur David Gunnlaugsson likes this
Bjarni Benediktsson Welcome  to our gang mate!
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David Oddson is going to bed
Hannes Holmsteinn Gissurarson likes this
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Kjartan Gunnarsson thinks Steingrimur J. Sigfusson is responsible for IceSave
David Oddson, Sigurjon Arnason, Halldor J. Kristjansson, Geir Haarde, Bjorgolfur Gudmundsson, Bjorgolfur Thor, Jonas Fr. Jonsson like this
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Jon Asgeir Johannesson went skiing, bought the mountain
Bjorgolfur Thor where did you get it, I want one too
Hannes Smarason mee too
Agust Gudmundsson Sweet Dude!!! I‘ll get one tomorrow
Karl Wernersson  Rock on, me too
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Jon Gerald Sullenberger is opening up a new grocery store
David Oddson, Styrmir Gunnarsson, Jonina Benediktsdottir, Jon Steinar Gunnlaugsson, Bjorn Bjarnason, Geir Haarde like this
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The group FL Group has been deleted by its moderator
The group Landsbankinn has been deleted by its moderator
The group Kaupthing has been deleted by its moderator
The group Glitnir has been deleted by its moderator
The group SPRON has been deleted by its moderator
The group Baugur has been deleted by its moderator
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The group Islandsbanki has changed its name into Glitnir (3 years ago)
The group Glitnir has changed its name into Islandsbanki (6 months ago)
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Dorrit Moussaief Why don‘t they all eat cake?
Olafur Ragnar Grimsson does not like this
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Birgitta Jonsdottir sent Thrainn Bertelsson the invite to join the group The Citizen‘s Movement
The invite has been rejected
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David Oddson has invited his friends to join his gang in Mafia Wars (8 years ago)
Halldor Agrimsson has accepted the invite
Valgerdur Sverrisdottir has accepted the invite
Geir Haarde has accepted the invite
Bjorgolfur Gudmundsson has accepted the invite
Magnus Thorsteinsson has accepted the invite
Bjorgolfur Thor has accepted the invite
Olafur Olafsson has accepted the invite
Finnur Ingolfsson has accepted the invite
Hannes Holmsteinn Gissurarson, Bjorn Ingi Hrafnsson and Sigurdur Einarsson like this
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Bjorgolfur Gudmundsson has just lost 5 billion playing TexasHoldEm on Facebook
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Sigmundur Ernir Runarsson has just sent you a drink
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Hannes Holmsteinn Gissurarson has just poked youOf

This post is inspired by this. Keep em coming and I’ll keep updating.

Bjorgolfur Gudmundsson became a fan of money (10 years ago)

Hreidar Mar Sigurdsson, Hannes Smarason, Lydur Gudmundsson, Jon Asgeir Johannesson, Sigurdur Einarsson, Bjarni Armannson like this

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Bjorgolfur Thor has a red Hummer (6 days ago)

Sigurdur Einarsson and Bjarni Armannson like this

Jon Sigurdsson where did you get it, I want one too

Hreidar Mar Sigurdsson mee too

Hannes Smarason Sweet Dude!!! I‘ll get one tomorrow

Lydur Gudmundsson Rock on, me too

Jon Asgeir Johannesson Love it, I´ll have my white one painted tomorrow

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Sigmundur Ernir Runarsson is having a drink (30 min ago)

Ragnheidur Rikhardsdottir likes this

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Thor Saari is now friends with Sigmundur David Gunnlaugsson (2 months ago)

Bjarni Benediktsson likes this

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Thor  Saari is now friends with Bjarni Benediktsson (2 months ago)

Sigmundur David Gunnlaugsson likes this

Bjarni Benediktsson Welcome  to our gang mate!

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Birgitta Jonsdottir Everyone is stupid except me! (1 month ago)
Thor Saari and Margret Tryggvadottir like this

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David Oddson is taking a bath (12 hours ago)
Hannes Holmsteinn Gissurarson likes this

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Kjartan Gunnarsson thinks Steingrimur J. Sigfusson is responsible for IceSave (2 weeks ago)

David Oddson, Sigurjon Arnason, Halldor J. Kristjansson, Geir Haarde, Bjorgolfur Gudmundsson, Bjorgolfur Thor, Jonas Fr. Jonsson like this

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Jon Asgeir Johannesson went skiing, bought the mountain (1 year ago)

Bjorgolfur Thor where did you get it, I want one too

Hannes Smarason mee too

Agust Gudmundsson Sweet Dude!!! I‘ll get one tomorrow

Karl Wernersson  Rock on, me too

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The Independence Party is now friends with FL Group (3 years ago)
Kjartan Gunnarsson likes this

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Jon Gerald Sullenberger is opening up a new grocery store (1 month ago)

David Oddson, Styrmir Gunnarsson, Jonina Benediktsdottir, Jon Steinar Gunnlaugsson, Kjartan Gunnarsson, Bjorn Bjarnason, Geir Haarde like this

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The group FL Group has been deleted by its moderator

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The group Landsbankinn has been deleted by its moderator

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The group Kaupthing has been deleted by its moderator

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The group Glitnir has been deleted by its moderator

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The group SPRON has been deleted by its moderator

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The group Baugur has been deleted by its moderator

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The group Islandsbanki has changed its name into Glitnir (3 years ago)

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The group Glitnir has changed its name into Islandsbanki (6 months ago)

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Dorrit Moussaief Why don‘t they all eat cake? (8 months ago)

Olafur Ragnar Grimsson does not like this

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Birgitta Jonsdottir sent Thrainn Bertelsson an invite to join the group The Citizen‘s Movement (1 month ago)

The invite has been rejected

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David Oddson has invited his friends to join his gang in Mafia Wars (10 years ago)
Hannes Holmsteinn Gissurarson, Bjorn Ingi Hrafnsson and Sigurdur Einarsson like this

Halldor Agrimsson has accepted the invite

Valgerdur Sverrisdottir has accepted the invite

Geir Haarde has accepted the invite

Bjorgolfur Gudmundsson has accepted the invite

Magnus Thorsteinsson has accepted the invite

Bjorgolfur Thor has accepted the invite

Olafur Olafsson has accepted the invite

Finnur Ingolfsson has accepted the invite

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Bjorgolfur Gudmundsson has just won 100 billion playing TexasHoldEm on Facebook (7 years ago)

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Bjorgolfur Gudmundsson has just lost 1.000 billion playing TexasHoldEm on Facebook (10 months ago)

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Sigmundur Ernir Runarsson has just sent you a drink. Sigmundur sent you a glass of red wine (2 days ago)

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Hannes Holmsteinn Gissurarson has just poked you (5 hours ago)

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The Social Democratic Party is now friends with Magma Energy (1 month ago)

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Olafur Ragnar Grimsson has just been tagged in a photo by Hannes Smarason (2 years ago)
Album – “Our president”

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Geir Haarde At BBC

Tuesday, August 18th, 2009

Geir Haarde, the fallen PM appeared on the Europe Today show at BBC. Diverting the attention from Iceland and focusing on Ireland and Latvia, Geir also claimed that the economic disaster had caught him by surprise.

The real surprise is why anyone actually offers the man a forum anymore?

Listen here

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YT as edited by Geir Haarde on BBC World Service today

Tuesday, August 18th, 2009

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The Continued Shame Of The Icelandic Media

Saturday, August 8th, 2009

Last night the newsmedia was filled with stories of violent activity by Saving Iceland members at the Ministry of Industry. Most of the headlines revolved around police being attacked with pipes and a policeman being kicked in the head.

Then this morning we get this video and a strong protest by Saving Iceland which states that the police is lying and there is no evidence of such violence. On the contrary, the police was the brutal party in the exchange.

But why did the media report from the incident in that way. Perhaps the answer lies here in this video where former Prime Minister Geir Haarde throws a fit when asked difficult questions from reporter G Petur Matthiasson who later apologized to the nation for not having shown this on the news when it happened.

Icelandic journalists are underpaid, overworked and always on deadline so they catch an issue, go and find someone who is an authority on the issue, hand them the microphone and allow them to make statements. If they cannot find a countering statement then they just leave it be.
That is how Geir Haarde, David Oddson and other politicians were able to bully the media for such a long time and that is why arguments countering the “Icelandic economic miracle” were so few and far between.
The reporting from yesterday’s skirmish is yet another shameful example of this. When you look at the video over an over again, you cannot help but wonder whether the woman will press charges for sexual assault.

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Immortal Quotes From The Crash

Thursday, July 30th, 2009

It would be wise to keep a comprehensive list of the most memorable quotes from the economic crash in Iceland.

1. “You ain’t seen nothing yet”
- Olafur Ragnar Grimsson, president of Iceland ending a speech praising the Icelandic economic miracle in London 2005.

2. “God bless Iceland”
- Geir Haarde closing off his adress to the nation as the disaster is apparent. Icelandic politicians just don’t call for God and the surrealistic situation got even more absurd.

3. “Independence Party supporters just want to make money in the daytime and barbecue in the evening.”
- David Oddson’s Gollum, Hannes Holmsteinn Gissurarson explaining why their flock doesn’t want to spend their time doing critical thinking.

4. “You are not the nation”
-  Master of sensitivity Ingibjorg Solrun Gisladottir answers a desperate and angry crowd at an open meeting at Haskolabio. Only a third of the people who showed up could get a seat and the rest of the nation watched live on TV. The question remains, who is the nation?

5. “Absolute genious”
- Sigurjon Th. Arnason, CEO of Landsbankinn describing the IceSave accounts, just after explaining how he just has to sit back and watch the money flow in on his computer screen.

6. “Helvitis fokkings fokk”
- A protester’s sign catching the zeitgeist perfectly. A saying that will be a part of the Icelandic languague 500 years from now.

7. “Enviable future prospects”
- Edda Ros Karlsdottir and her staff of Landsbankinn’s analytical department on state of the Icelandic economy in September 2008.

8. “Má ég aðeins, let me talk to you, stop this…”
- Mar Masson, PR representative for Glitnir in an in interview with the Norwegian State Channel, finally faced with a reporter asking questions.

9. “We don’t pay the debts of scoundrels. My grandmother taught me that”
- David Oddson, talking about the Viking-raiders but unfortunately just after paying hundreds of billions into the money market funds and bankrupting the Central Bank by injecting mindless cash into the dooming banks. Cash that probably was taken away by scoundrels.

10. “I am lying, lying, lying, diverting, fooling you, lying, lying, diverting, drawing your attention elsewhere, lying, lying, hey what is that over there…”
- Illugi Gunnarsson, Independence Party MP well that’s not exactly what he said but that was the context of his tangled explanations about the rescue of Fund 9 at Glitnir where he was on the board. Still no journalists have tried to call his bluff.

11. “The EU is the new Soviet”
- Arni Johnsen, Independence Party MP and an old criminal.

12. “FLenron”
- David Oddson about FL Group in 2007, only months after his party had accepted 30 million ISK in donations from the company on the day before new fundraising law was supposed to be enacted.

13. “A fantastic conclusion”
- Steingrimur J. Sigfusson, speaking a little bit too early about the IceSave deal.

Please offer your input if you remember any good ones…

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Us And Them

Friday, July 3rd, 2009

The worst thing to come out of the Icelandic economic miracle was the upper-class that all of a sudden existed out of nowhere. Private jets were a rarity in Iceland before 2000, in 2007 they were the preferred ride of bankers, businessmen and politicians. Only a few oddballs and gays had heard of Philip Starck in 2000, while his name was dropped constantly in 2007. In 2000 a colleguae at work asked if I wanted to share a lunch, in 2005 I was asked if I wanted to share in a winery in South of France.

Where did the money come from?

If you want to believe in the stories  of captive capital being set free, then it only explains half the story. A handful of businessmen used the banks as their own private printing presses for money. If Bjorgolfur Thor wanted money for a leveraged buyout of Actavis, who in their right mind at Landsbankinn would say no? It was the same at Kaupthing and Glitnir. Then when they’d sucked the banks dry they turned towards the Savings & Loans, exhausting their reserves.

And the politicians played along. We have already heard of Bjorn Ingi Hrafnsson, Progressive Party spinster, assistant to Halldor Asgrimsson and former great hope loan at Kaupthing to buy shares without any risk to himself. And in DV’s revelations earlier this week, Kristjan Arason, CEO of Retail Banking at Kaupthing owed the bank just under 900 million he’d borrowed to purchase shares in the bank.

Putting aside the obvious masquerade regarding the bank’s equity with those kind of deals, how ridiculous is this creation of an upper-class that has access to loans of hundreds of millions that can make them silly amounts at no risk at all?

Worse, Kristjan is the husband of Thorgerdur Katrin Gunnarsdottir who was the Independent Party’s vice-chairman and Minister of Education in Geir Haarde’s government. In the temporary absence of Geir, Thorgerdur Katrin was the acting Prime Minister last summer when asked about Merril Lynch’s Richard Thomas’ quote about the shaky state of Icelandic banks. She snapped back, asking what cruel intentions were behind Thomas’ statement.

The whole affair is a testament of how deeply sick Icelandic society had become. The government that privatised the banks being granted astronomical amounts in risk-free deals that made the whole merry-go round spin. Until the wheels fell off, of course.

Thorgerdur is still the vice-chairman of the Independence Party and still in parliament. Her family’s loans have been dropped by its bank. Meanwhile the rest of us are allowed to…yes you guessed it…smile and pay.

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Tryggvi: Definitely To The Rescue

Friday, June 26th, 2009

“Definitely we would come to the rescue of a bank – definitely.

“The banking system in Iceland is very large compared to the economy, but still we think we can maintain the problem because the balance sheet of the bank is very good.”

“They have not been involved in sub-prime or buying housing debts from abroad and we are pretty confident that the balance sheet is healthy and the banks can operate healthily in the future.”

Those where the words of Tryggvi Thor Herbertsson, current MP for the Independence Party and then economic advisor to Geir Haarde’s government on the BBC October 6, 2008.

Article here on BBC.co.uk

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I’m Coming Back Soon To Buy You All

Tuesday, June 23rd, 2009

Writer Illugi Jokulsson recently posted an open letter to the first Icelandic dollar billionaire Bjorgolfur Thor on his website, asking him whether he would do anything in his power to cover what would remain of Iceland’s commitments because of IceSave once Landsbankinn’s assets will be sold.

Bjorgolfur Thor and his father made his money in post-Soviet Russia and was handed Landsbankinn on a silver plate by the Independent Party. The backbone aqcuired with owning his own bank, allowed him to invest heavily through leveraged buyouts in Iceland and abroad, especially Eastern Europe. He became the first Icelander on Forbes’ rich-list and although he says he wasn’t on the board of Landsbankinn, he seemed quite busy meeting with Geir Haarde and David Oddson in the weeks up to and around the economic crash.

Bjorgolfur answered Illugi today and says there isn’t a day that goes by without him thinking about “this IceSave mess”, and that he sincerely wants to do what he can to avoid the IceSave debt hitting the Icelandic public.

“On the other hand, I have this rule of not promising anything I cannot keep. That goes for this situation as well”.

Bjorgolfur says that Landsbankinn was not the center of his empire (maybe not, but did he ever use its clout to open doors). He was never on the board (why was he the one dealing with the government in the last days of Landsbankinn then?), and “like other shareholders he trusted the management of the bank for his equity and the operations of the bank”.

Bjorgolfur says that since October 6, the bank has been in the care of the government. “I allow myself to hope that sooner than later, it will be clear why things developed this way, who was responsible for what, who wasn’t careful and who were sleeping at the guard, whether laws were broken and also whether I “benefited” from the “pure genius that IceSave was supposed to be”.

He concludes his answer with a reminder that he has said before that he wants to do his part to help Iceland turn itself around economically. “The best I can offer is the possibility of foreign investors participating in the rebuilding of the Icelandic commerce. I am working on this at the moment. Having said this I hope that people start concentrating on the rebuilding of Iceland and I hope I can assist with others who are willing to do so. I believe that Iceland’s solutions today lie in creating assets for the future”.

So just to wrap it up;  “I am not going to use any of my money. I feel bad you all are picking on me. I made a lot of money off you suckers. If I can pin the blame on others then it is all good. I am coming back soon with my friends to buy you all on a wholesale. And please stop picking on me”.

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New leader of the Independence Party in Iceland selected

Sunday, March 29th, 2009
Bjarni Benediktsson is the new party leader of the Independence Party, with 58.1 percent of votes, and is taking over the leadership from Geir Haarde, former Prime Minister and successor to David Oddsson. At the party conference Haarde said the Independence Party had made “serious mistakes” when the banks were privatized six years ago. Kristjan Thor Juliusson, [...]

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