Icelandic news translated into English

November 12, 2008

Obviously serious kinks in the procedure of the IMF application

The International Money Fund has suspended the procedure of a loan for over two billion dollars to Iceland for an undecided time, the Financial Times states today. Ólafur Ísleifsson, lecturer at the University of Reyjavík, says that it is obvious that there are some serious kinks in the procedure.

Financial Times repeats from one of the presidents of Fitch Ratings that Iceland is now stuck in mid air. The country obviously needs a new regulatory environment around the finance and currency matters but need the help from the fund to be able to do so. The suspension comes at the same time as it is clear that the Icelandic government has not got the promise for the amount that is needed to meet the plans of the money needs of Iceland.

The paper repeats after a representative from the Icelandic government that the Icelandic nation urgently needs 500 million dollars. There has not been any resolutions in the disputes about the Icesave accounts, from Landsbankinn, between Iceland and the Netherlands and England and that also seems to be slowing down the procedure of loan from the fund.

There is growing rage in Germany as well amongst the clients of Kaupþing Edge, who are worried that they have lost all their money. It is expected that there are around 30 thousand individuals who are hurting from this and they are now demanding actions towards Icelanders.

Ólafur Ísleifsson, lecturer at the University of Reykjavík, says that it is obvious that serious kinks in the matters of the Icelandic application for assistance from the IMF. He says it is very important to brief the people of Iceland better about the situation.

News Article by noname
Original Article in Icelandic

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