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Iceland government barely dodges a bullet


The Icelandic government barely survived today’s vote of no confidence issued by the chairman of the Independence Party. With 30 in favor, 32 against and 1 neutral, the government barely dodged the bullet. This is a very slim margin which can be interpreted as a psychological win for the no confidence vote.

On an off tangent, what is happening with negotiations between the Icelandic Confederation of Labor and the Confederation of Icelandic Employers is rather bizarre. Before the Icesave vote on Saturday, both claimed that if Icesave was felled, negotiations would break down and Iceland descend into turmoil. Today, these two announced that they had made considerable progress and that everything appeared to be falling into place. Astonishing work in only 3 days when all seemed lost!

Update April 15: Turns out the two negotiating confederations (Icelandic Confederation of Labor and Confederation of Icelandic Employers) have now decided to negotiate for a 2-month solution blaming fishing and energy instead of Icesave. Will be interesting to follow this charade.

Update April 16: The two negotiating confederations (Icelandic Confederation of Labor and Confederation of Icelandic Employers) announced that they are unable to get the wheels moving in Iceland, casting blame in every direction imaginable. Is there any wonder that more Icelanders and businesses are considering leaving the country? Stay tuned for more comedy from this direction. The chairman of the Independence Party held a good speech today where he struck many solid points involving economic recovery particularly involving the banks, who are working completely against economic recovery as expected.

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