Icelandic news translated into English

November 12, 2008

Process of application suspended

Ásmundur Stefánsson, Paul Marthias Thomsen and Petya Brooks are the ones that announced the result of the discussions of Iceland and IMF
It is stated on the website of Financial Times that the processing of the application of Iceland about a loan from the International Money Fund (IMF) has been suspended for undefined time.

It is stated in the news article by David Ibson that it seems that the International Money Fund is chickening out on the help to Icelanders since they have not been able to get but half the loans that were expected to be in the help package to the Icelandic authorities from other countries. It says in the article that 500 million dollars are still needed to finance the rescue pack the application to the IMF relies on.

Icelandic authorities have made a deal about 2,1 billion dollar loan with the representative of the fund on October 24, but the board of the fund have decided to suspend the processing of the application from Iceland. It was planned that the application would be reviewed Thursday, November 6th. But it was delayed til Friday, then to Monday, and finally for undefined time.

Wouter Bos, minister of finance of the Netherlands, said yesterday in a conversation with the Netherlands television station Bos, that the Netherlands will not approve the loan from IMF to Iceland while there are conflicts about responsibilities of Iceland regarding the debet accounts in other countries have not been resolved. He says that the British and German agree with him.

News Article by Golli
Original Article in Icelandic

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