Book on Iceland’s Economic Collapse Released Skip to content

Book on Iceland’s Economic Collapse Released

The book Sofandi ad feigdarósi by Ólafur Arnarson, a critical account of the events that led to the collapse of the Icelandic banking system in October 2008 and the events that followed, was released this week.

The title comes from an Icelandic idiom “ad fljóta sofandi ad feigdarósi” which literally means “to float asleep at the mouth of death’s river” but is often used to describe a situation when someone does not care to avoid impending danger, much the same way “flirting with disaster” is used in English.

The book is written in the style of a thriller is an easy read regardless of whether people have a background in economics, according to a Forlagid press release.

In his book, Arnarson criticizes the work of former Central Bank governor Davíd Oddsson, arguing that his biggest mistake was to refuse the banks’ request to adopt the euro as their operational currency.

The book asks many aggressive questions, such as: Did the “outvasion Vikings” bankrupt Iceland? Did Davíd Oddsson lie to the nation? Was Glitnir supposed to be handed to Landsbanki on a silver platter? Did the Central Bank kill the Icelandic króna? What effect did the emergency law have?

Arnarson served as the managing director of the parliamentary party of the Independence Party for a period of time, the assistant to the minister of education in Oddsson’s first government and has since worked with both domestic and foreign financial companies.

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