Icelandic news translated into English

November 2, 2008

Geir H. Haarde warned Brown in April

Filed under: Uncategorized — newsfrettir @ 1:53 am

Gordon Brown (Picture by Reauters)
Geir H. Haarde prime minister of Iceland warned Gordon Brown, prime minister of England, in April that the icelandic economy was facing substantial problems. This is stated in a news commentary on Channel 4, from what the website of The Daily Telegraph posts.

Quoted is a meeting Haarde with Brown in Downing Street 10, the prime ministers address, in April, where they discussed various problems in the Icelandic banksystem. Brown was said to have adviced Haarde to turn to the IMF immediately for assistance for Iceland.

It is also stated that Mervyn King, the bank president of the Bank of England, had his assistants have an investigation of the risk factor of the Icelandic banks. At the same time the Bank of England refused the request of Iceland for assistance to the Króna, when forreign investors were betting on the instability in the Icelandic economy.

It is also stated that in the beginning of the year there were visible doubts in the English press as well as the investors in City, the investment area of London, about the strength of the Icelandic banks. Despite that the English administration and the Bank of England could not express themselves about the possible risk in investments connected to the Icelandic financial companies.

If these statements are correct the spotlight might turn to Brown, Minister of Finance to Tony Blair from 1997 to 2007, and how he ignored the above stated warnings.

At that time there were some discussions after the meeting becouse of the information on the website of the English prime ministry and the leaders had talked about increased chances of involvement of Iceland in the ESB.

(News Article by *noname*)
Original Article in Icelandic

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