Sol Invictus
10-12-2009, 09:20 PM
http://www.bloomberg.com/apps/news?pid=20601085&sid=ac4bEknjI5Ig
Oct. 7 (Bloomberg) -- Iceland’s parliament may demand the government abandon its International Monetary Fund economic program and forgo further loan payments after the IMF delayed a review of the program for eight months.
The Left Green Party, the junior member of the ruling coalition, is split on the issue and will meet tonight to discuss its stance. Of the Left Green’s fourteen lawmakers, five have publicly criticized the program. Iceland’s three opposition parties are also mulling alternative solutions to the IMF program, party leaders and lawmakers said.
The delays in the review, originally scheduled for February, are “embarrassing for us and it is embarrassing for the IMF,” Finance Minister Steingrimur J. Sigfusson, chairman of the Left Greens, said yesterday. “Iceland doesn’t have everlasting patience and if the review doesn’t take place soon, we will have to examine our position.”
Iceland got a $4.6 billion bailout from the IMF and four Nordic nations last autumn to resuscitate the economy after its biggest banks failed. While $827 million was paid out, further tranches have been delayed pending IMF reviews.
Oct. 7 (Bloomberg) -- Iceland’s parliament may demand the government abandon its International Monetary Fund economic program and forgo further loan payments after the IMF delayed a review of the program for eight months.
The Left Green Party, the junior member of the ruling coalition, is split on the issue and will meet tonight to discuss its stance. Of the Left Green’s fourteen lawmakers, five have publicly criticized the program. Iceland’s three opposition parties are also mulling alternative solutions to the IMF program, party leaders and lawmakers said.
The delays in the review, originally scheduled for February, are “embarrassing for us and it is embarrassing for the IMF,” Finance Minister Steingrimur J. Sigfusson, chairman of the Left Greens, said yesterday. “Iceland doesn’t have everlasting patience and if the review doesn’t take place soon, we will have to examine our position.”
Iceland got a $4.6 billion bailout from the IMF and four Nordic nations last autumn to resuscitate the economy after its biggest banks failed. While $827 million was paid out, further tranches have been delayed pending IMF reviews.