Icelandic news translated into English

November 3, 2008

Attack on the sovereignty of the nation

Filed under: economy — newsfrettir @ 7:37 pm

Pétur Blöndal chairman of the trade commission of the parliament compares it to attack on the sovereignty of the nation if banks and investment companies were jointly positioning themselves against the Icelandic króna. Deals about positions against the Icelandic króna are close to 720 billion króna but the Morgunblað reports today that this has come into view after investigation of the balance sheets of the banks. Pétur says it is very relevant if this was a joint decision of positioning. Naturally this could be normal ways of business or forward contract but this needs to be investigated as well as all traitorous behavior.

Pétur says also that he thinks there are some things are hooked with the regulations of the European Union and the rules in international business trades with forward contracts. It is visible in business with oil now that there are problems with this contract system. He says also think that we could use the króna. It is obvious that things need to be fixed before it is taken into discussion to change currency. It is questionable in what currency rate should we take up the Euro ? Or Norwegian króna ? The answer to that question can have massive influence in debts and properties of individuals.

(News Article by Þóra Kristín Ásgeirsdóttir)
Original Article & Video in Icelandic

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