Iceland crisis


Iceland Could Gain Quick EU Entry
October 21, 2008, 3:52 pm
Filed under: Uncategorized

Iceland could get on the fast track to EU membership if it so desires, EU Enlargment Commissioner Olli Rehn said Monday. Iceland is considering joining the bloc to shore up its battered economy.

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Iceland’s Kaupthing misses coupon payment on Samurai
October 21, 2008, 3:50 pm
Filed under: Uncategorized

As of Tuesday, Kaupthing had not paid investors the coupon on its 50 billion yen ($491 million) Samurai bond issued in 2006, according to Sumitomo Mitsui Banking Corp, the fiscal agent for the samurai bond.



Attack on Iceland not helping Brown
October 20, 2008, 10:40 pm
Filed under: Iceland, UK | Tags: , ,

The Guardian has published new poll, were people are asked about Brown response to the crisis. It is obvious that the Browns attack on Iceland has not worked.

Asked whether Brown’s response to the crisis makes them more or less likely to vote Labour, only 13% say more, against 27% who say less. Most, 60%, say it has made little difference.



IMF `Very Close’ to Deal
October 20, 2008, 10:00 pm
Filed under: Uncategorized

Iceland’s Industry Minister said the government is “very close” to agreeing on a rescue plan with the

International Monetary Fund and suggested a deal will bring with it assistance from Nordic neighbors and Japan.

The fund is finalizing a plan to present to the government, which is also seeking a loan from Russia, Oessur Skarphedinsson said by telephone from Reykjavik today. The Financial Times and New York Times reported that the rescue will be worth $6 billion.



Iceland’s Renewable Geothermal Power
October 20, 2008, 8:01 pm
Filed under: Iceland | Tags: , , , ,

In the current crises, Icelanders are lucky to have Geothermal energy. More than 90% af homes use geothermal energy to heat there home, and while using the Geothermal enerty to heat up homes in the Reykjavik area it has already been used for electricity.

Here is new article from Scientific America:

Whereas district heating in Iceland is straightforward—naturally pressurized “low temperature” geothermal fields containing potable water at temperatures less than 300 degrees F (150 degrees C) are common throughout the country, according to Reykjavik Energy, the regional power authority that includes Iceland’s capital city—it wasn’t until the first oil shock of the early 1970s that Icelanders got serious about exploiting their native energy resources.



Iceland to announce $6bn IMF-led rescue package
October 20, 2008, 1:37 pm
Filed under: Uncategorized

Finacial Times state that $ 6 bn from IMF and more.

Iceland is poised to announce a $6bn International Monetary Fund-led rescue package alongside a number of other central banks to help stabilise its economy after its banking system collapsed earlier this month.

People with knowledge of the talks between Iceland and the IMF said the IMF is expected to contribute just over $1bn with central banks from the Nordic region and Japan contributing the rest. It is unknown whether Russia will participate in the rescue plan.



Kaupthing repays customers
October 20, 2008, 1:32 pm
Filed under: banks, Finland, Iceland | Tags: , , ,

Iceland’s biggest bank Kaupthing, which was nationalised earlier this month, will borrow money from three banks in Finland to repay deposits to customers there, the Finnish financial supervisory agency said on Monday.

‘Nordea Bank Finland, OP-Pohjola Group and Sampo Bank have agreed on a fixed period financing to enable the Kaupthing Bank’s Finnish branch to pay its customers back their deposits with interest,’ the agency said in a statement.