January 15, 2010

Iceland’s puts no end to this type of sagas

Sir I agree with Martin Wolf that having to pay for the Icesave cost the way it has been presented by the British and the Dutch governments is extraordinarily onerous and should not be imposed on future generations of Icelanders, “How the Icelandic saga should end” January 15.

Unfortunately I do not believe that the easier way out that Wolf hint at mentioning paying 90 percent of that money with the assets of Landsbanki is feasible as I am sure there has to be many other creditors lining up for the same purpose.

If I was Iceland, I would not try to solve something insolvable and would mostly at this moment just buy time, in the certainty that Iceland’s recent financial saga will soon be just another saga among many other similar tragic sagas.