Iceland’s membership application to the European Union is not on the program for the meetings scheduled for the Council of Ministers today. The handling of Iceland’s application has allegedly been delayed because of the general elections in the UK and the Netherlands.
Posts Tagged ‘Netherlands’
Iceland’s EU Application Not Discussed This Week
Monday, May 10th, 2010Informal Talks on Icesave Last Week
Tuesday, April 27th, 2010
No formal talks on a solution to the Icesave debate have taken place between the government of Iceland, the UK and the Netherlands since the national referendum in Iceland on March 6, although the matter has been discussed informally.
IMF approves Iceland credit review
Friday, April 16th, 2010
The Executive Board of the International Monetary Fund has signed off on its second review of the Icelandic economic recovery package. The Icelandic authorities will now have access to ISK 105 billion (approx. USD 830 million) in foreign currency.
The IMF decided that the conditions placed on Iceland for the continuation of its recovery package have been met. With today’s IMF decision, Iceland will gain access to the equivalent of ISK 20 billion from the IMF and ISK 9 billion from Poland. The Nordic countries are expected to confirm their release of an additional ISK 76 billion shortly.
The funds are largely intended to support the Icelandic krona. This second review of the programme has been severely delayed just as the first one was. The still-unresolved Icesave dispute with the Netherlands and the UK was the main reason for both delays, RUV reports.
Spectacular Iceland volcano images
Thursday, April 15th, 2010
Photos, drawings and videos are beginning to emerge of the Eyjafjallajokull eruption in Iceland. The volcano is over ten-times more powerful than the recent Fimmvorduhals eruption and is not showing any signs of easing off.
This cartoon was sent to IceNews from Arend Van Dam in the Netherlands.
A video taken from a science flight over the volcano can be seen here.
And photographs taken on the ground this morning in the town of Kirkjubaerklaustur to the east of the volcano can be seen here.
Spectacular Iceland volcano images
Thursday, April 15th, 2010
Photos, drawings and videos are beginning to emerge of the Eyjafjallajokull eruption in Iceland. The volcano is over ten-times more powerful than the recent Fimmvorduhals eruption and is not showing any signs of easing off.
This cartoon was sent to IceNews from Arend Van Dam in the Netherlands.
A video taken from a science flight over the volcano can be seen here.
And photographs taken on the ground this morning in the town of Kirkjubaerklaustur to the east of the volcano can be seen here.
Icelanders plan to vote against $5 billion bailout repayment
Thursday, April 15th, 2010Six out of 10 Icelandic voters plan to reject a bill on repayment of more than $5 billion owed to Britain and the Netherlands in a referendum on the so-called Icesave deal, according to a poll published by an Icelandic daily on Saturday.
Amiina @ Urban Explorers Festival, Dordrecht, The Netherlands 22. May 2010
Saturday, April 10th, 2010Icelandic minister relieved by IMF decision
Saturday, April 10th, 2010
“This is pretty good news,” says Iceland’s Minister for Trade, Gylfi Magnusson when asked about recent developments in Iceland’s IMF loan package. The overdue review is now on the IMF agenda for 16th April.
Magnusson said the Icelandic government was afraid the situation from the previous review, which was repeatedly delayed for months, would be repeated; but added that that seems to have been averted. There has been ongoing argument over whether Iceland’s unresolved Icesave dispute with the UK and the Netherlands means that the country is not fulfilling its obligations under the IMF-led rescue package and both nations sit on the IMF board.
However, it now seems unlikely that a resolution can be found before elections go ahead this spring in both countries. Meanwhile, the IMF will still conduct its review to determine if and when Iceland will receive the next tranche of its loan, Visir.is reports.
“We are crossing our fingers and hoping for the best,” Magnusson said and added that he hopes the IMF board will agree that Iceland has achieved the goals that were set at the beginning of the year.
No Meetings Scheduled for New Icesave Talks
Thursday, April 8th, 2010
Minister of Finance Steingrímur J. Sigfússon said on Tuesday that no decisions have been made on re-launching negotiations on the Icesave loan terms with the governments of the UK and the Netherlands. The situation is the same as before Easter.
BREAKING NEWS! Icesave Dispute Resolved
Thursday, April 1st, 2010Just now the governments of Iceland, the UK and the Netherlands signed an agreement on the repayment scheme of Landsbanki’s Icesave deposits. Negotiations were believed to be at standstill and therefore this sudden solution came as a surprise.
IMF: Icesave Could Prevent Review for Iceland
Tuesday, March 30th, 2010Managing director of the International Monetary Fund Dominique Strauss-Kahn said he doubts the majority of the IMF board supports the second review of the economic stabilization program for Iceland because the Icesave dispute between Iceland, the UK and the Netherlands is still unresolved.
IMF Likely to Review Iceland Program Despite Icesave
Monday, March 29th, 2010
It is considered likely that the board of the International Monetary Fund will review the economic stabilization program for Iceland next month regardless of the situation of Iceland’s dispute with the UK and the Netherlands on Icesave.
Norway pushing to break IMF-Iceland deadlock over Icesave
Monday, March 22nd, 2010
The finance committee of the Norwegian parliament has voted to loan funds to Iceland regardless of the ongoing Icesave dispute. It was the representatives of the Christian Democratic Party who pushed for the resolution.
The committee declared that Norway should loan Iceland money regardless of the ongoing Icesave dispute with Iceland on one side and the Netherlands and the United Kingdom on the other, ABC Nyheter reported.
The Norwegian Storting parliament will discuss the committee report tomorrow and it is thought highly likely that parliament will vote to approve the committee’s recommendation. The committee also stated its opinion that Iceland has the right to bring the Icesave dispute to an impartial international court; a move the Netherlands and the UK have opposed.
Representatives of all parties in the committee, except the Christian Democrats, made the qualification that Norwegian funds should be made available to Iceland only when the IMF review is compete and Iceland is seen to stand by its debts according to EU law.
Hans Olav Syversen of the Christian Democrats said it is clear that Norway is ready to lend to Iceland regardless of Icesave but that it is unclear what effect this will have on the IMF programme.
This news effectively means that Norway is exerting political pressure on the IMF to complete its held-up review of its Iceland recovery package – but it does not mean that Norway is about to break ranks with the IMF and loan funds unilaterally.
Nordic Countries Disagree on Iceland Loan
Friday, March 12th, 2010
The foreign ministers of the Nordic countries met in Copenhagen yesterday where Foreign Minister of Iceland Össur Skarphédinsson explained the situation of the Icesave dispute with the UK and the Netherlands following the referendum on Saturday.
Norway FM open to Iceland loan before Icesave solution
Friday, March 12th, 2010
Jonas Gahr Store, the Norwegian Foreign Minister, looks set to break ranks with the other Nordic countries by recommending that Norway grant loans to Iceland before the Icesave issue is finally resolved with the Netherlands and the UK.
Aftenposten reports that not only are the Norwegians potentially interested in granting Iceland the promised loan through the IMF right away, but that Store’s government may also be willing to offer another separate loan to Iceland in co-operation with the EU.
Store’s timing seems to be deliberate, with his comments coming just a day before today’s meeting of the Nordic finance ministers in Denmark. So far all the other Nordic nations have said their support for Iceland will not be paid out before Icesave is completely off the agenda. Icesave will be on the agenda in Copenhagen today.
“Norwegian assistance is tied to the IMF package and in our opinion the IMF package is not tied to a solution to the Icesave issue as the conditions of the package stand,” Store told Aftenposten.
Store emphasised that the Nordic nations should not do anything to hinder Iceland’s IMF package—his comments a direct response to a Nordic neighbour’s opinion that the Icesave issue must be out of the way before any loan can come from that country to Iceland through the IMF. Store said the issue will be discussed today.
Store added that there is no sign that the British and Dutch have tried to stall the IMF’s work in Iceland; and a week ago the Fund’s chief, Dominique Strauss Kahn told the press he is ready and willing to continue with the Iceland package without a final agreement in the Icesave issue.
Icesave Talks: No Meetings Scheduled
Wednesday, March 10th, 2010No negotiation meetings are scheduled with the UK and the Netherlands on the Icesave loan terms this week, according to chairman of the Independence Party Bjarni Benediktsson. However, the Icelandic committee is reviewing certain legal issues.
Berlingske: Lack Of Humility And Sense of Reality
Tuesday, March 9th, 2010It is self explanatory that there is not much sympathy worldwide for a country which first behaved irresponsibly and then tried to export its problems to other countries.
Like other countries which have run their economies into the ground – including Greece as a good example - Iceland must take responsibility for itself. So even if the Icelanders voted no and every last one of them had banged pots and pans in the streets of Reykjavik, the global community has to remain steadfast. If the Icelanders can not agree with the Dutch and the British about payment terms, then they naturally can not expect further loans from either the IMF, the Nordic countries or progression in the EU talks.
It must be noted for fairness sakes that the Icelanders have underlined that their position is not one of not paying, but about the details. And Netherlands and the UK have listened. When Iceland voted no anyhow, the two countries had already offered a better deal, which the Icelandic leadership had already rejected as not good enough. It does not bear witness of either humility or sense of reality.
From Denmark’s Berlingske Tidende (in Danish)
Berlingske noting that Icelanders seem to lack the understanding that actions have consequences.
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‘No’ to Icesave does not damage Iceland’s credit rating
Tuesday, March 9th, 2010
The result of Iceland’s so-called Icesave referendum has no effect on the creditworthiness of the nation, at least not directly. This is the conclusion of the ratings agency Standard and Poor’s, which published its report yesterday.
The fact that the ‘no’ vote was so widely predicted means the outcome of the vote has had no effect on Iceland’s creditworthiness. Standard and Poor’s also makes special note in its report that the referendum rejected a proposed repayment plan from December; it did not reject repayment of Icesave deposits to the Netherlands and the UK altogether.
The report says Iceland’s sovereign credit rating will be revisited once it has become clear whether or not the referendum has had an effect on Iceland’s international IMF-led reconstruction package. The IMF’s latest review is due soon. There is still a lot of uncertainty surrounding Iceland’s rescue package while the Icesave issue goes unresolved.
Standard and Poor’s has already taken into account the fact that the Icesave issue could potentially remain unresolved for a long time due to upcoming elections in both the Netherlands and the UK; but believes, on the other hand, that the Icelandic government will not fall due to Icesave, RUV reports.
Darling: pointless to push Iceland too hard
Monday, March 8th, 2010
Alistair Darling, Britain’s Chancellor of the Exchequer, says he is absolutely certain Iceland will pay Britain back for its reimbursement of lost savings in Icesave; the question is just what the conditions will be.
Darling told the BBC’s Politics Show it does not serve British interests to push too hard against a small country.
He was asked when he believes Iceland will pay Britain back and answered that it will take several years. It is not possible to demand immediate repayment from a small country with the population the size of Wolverhampton, he said.
Britain is trying to be reasonable, Darling stated, but that the money is repaid sooner or later is not up for negotiation. He added though that the British side would not benefit from Iceland’s isolation and instead wants the country to be a part of Political Europe.
Both the UK and the Netherlands made it immediately clear following Saturday’s referendum that they want to continue hammering out a workable deal with the Icelandic government – probably starting again this week.