iOS app Android app

Iceland Bank Crisis

How Congress Could Fix Its Budget Woes, Permanently

Ellen Brown | Posted 04.16.2013 | Business
Ellen Brown

As Congress struggles through one budget crisis after another, it is becoming increasingly evident that austerity doesn't work. We cannot possibly pay...

Democracy Weakening Everywhere

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

European Parliament Member and Investigative Judge Eva Joly received the Global Financial Integrity 2010 Exemplary Leadership Award in Washington DC e...

Liberty And Justice: For Those Who Can Afford It

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

The system used by the Iceland's ruling caste to launder ill-begotten gains is simple to describe. The result is simpler still: The rich got richer and the government got stuck with the bill.

Iceland Is Simmering

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

I believe the Icelandic people are willing to undergo hardship to help our country recover from the catastrophic collapse, as long as the hardship is spread throughout the population, and those who unjustly profited from their decisions are put in their place.

Crime (And Incompetence) Pays...

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

This summer's special income/tax issue of the Icelandic business magazine Frjáls Verzlun is at once a bottomless source of nauseating news and a test...

The Country We Could Have Been

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

In his last two posts, blogger Daði Rafnsson looks back at the words of an Icelandic political legend, Vilmundur Gylfason,

Is Iceland a Totalitarian State?

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

I have always imagined that a totalitarian state would resemble Stalin's Soviet Union, but it has dawned on me lately that the most effective totalitarian regime would be one that no one (on the inside anyway) would recognize as such.

Accepting Responsibility for Iceland's Financial Disaster

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

There is a human tendency to want to move on, to sweep unpleasant episodes under the rug, and to act like everything is hunky dory. We cannot allow this to happen this time.

The Joke's on Iceland's Political Parties

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

A new political party -- the modestly named The Best Party (Besti Flokkurinn) -- led by comedian Jón Gnarr, has thrown a scare into Iceland's powers-that-be by receiving the most votes in Reykjavik's municipal elections yesterday.

The Banks' Bonus Culture: "Have You Left No Sense of decency?"

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

Now that the banks have been stabilized (to some degree) as a result of massive public intervention, the very individuals who have nearly destroyed the country are ready to dance again.

Iceland's Pyrrhic Victory

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

While Icelanders have been endlessly debating IceSave, our unemployment rate has continued to climb, the number of insolvencies has continued to increase, and public services have continued to decrease.

Moral Hazard in Iceland

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

What is especially disheartening in Iceland is that, not only did the bankers retain their compensation; they continue to draw salaries in their new positions of authority in the new banks and in the government.

California's Lessons for Iceland

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

It's incumbent upon the Icelandic media and political establishment to educate the public on the reasons for and against Icesave. If we're serious about fighting for political reform and transparency that our country needs, here's a good place to start.

Iceland's President Is No Hero

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

While legislators were hammering out a deal that would keep Iceland from being labeled a pariah state by the IMF and ratings agencies, President Ragnar was protecting his oligarch friends.

No More Secrets From the Icelandic People

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

The Icelandic people will, for the first time, directly exercise the nation's sovereign power in a referendum in March to approve or reject the proposed settlement of the IceSave dispute.

EU, IMF Revolt: Greece, Iceland, Latvia May Lead the Way

Ellen Brown | Posted 05.25.2011 | World
Ellen Brown

Total financial collapse, once a problem only for developing countries, has now come to Europe. The International Monetary Fund is imposing its "austerity measures" on the outer circle of the European Union.

Iceland's President Is Still No Hero

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

I believe that none of the Icelandic political parties are actually standing up for the average Icelandic person.

"Happy" Anniversary, Iceland

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

This has been a very rough year for Iceland, and it's not likely to get better anytime soon. The public's anger continues to grow, and it would not be surprising if this winter sees a repeat of last winter's uprising.

Eva Joly on Iceland's Devastating Plight

Alda Sigmundsdottir | Posted 05.25.2011 | World
Alda Sigmundsdottir

In her article, Mme Joly denounces what she calls the "blackmailing of Iceland" by a number of states, as well as the IMF and the EU, into taking on billions of Euros in debt.

Iceland's Independent People: It's Time to Clean House

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

Any doubts as to whether Iceland's elite has declared war on its people were dispelled this weekend.

Bjorgolfur Gudmundsson: 2nd Richest Man In Icelandic History Is Bankrupt

AP | HERDIS SIGURGRIMSDOTTIR | Posted 05.25.2011 | World

REYKJAVIK, Iceland — The second richest man in Icelandic history has filed for bankruptcy, his spokesman said Friday. Bjorgolfur Gudmundsson, t...

Is Russia Iceland's New Best Friend?

Alda Sigmundsdottir | Posted 05.25.2011 | Home
Alda Sigmundsdottir

At any rate, it seemed very strange to us that suddenly Russia wanted to be our new best friend -- particularly as the US was perceived to have turned its back on Iceland a few months earlier by leaving it out of an important currency swap agreement

Iceland EU Bid Effort Intensifies Under Economic Pressure

TIME | Posted 05.25.2011 | World

The people of Iceland are known for their resilient, go-it-alone character. It is the result of a forbidding geography: endowed with a rugged terrain ...

Fury in Iceland as Disgraced Banking Moguls Request Loan Write-off

Alda Sigmundsdottir | Posted 05.25.2011 | World
Alda Sigmundsdottir

This classic case of incestuous nepotism reflects a prevalent trend in the Icelandic commercial sector.

How Iceland's Lawyers Enabled Fraud

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

The lack of clear ethical rules and the frontier justice mentality in Iceland continues to cause confusion and raise questions about the legal profession's ability to regulate itself in Iceland.