Finance Minister Comments on Michael Hudson Interview Skip to content

Finance Minister Comments on Michael Hudson Interview

Iceland’s Minister of Finance Steimgrímur J. Sigfússon said in response to an interview with Michael Hudson, economics professor at the University of Missouri, in RÚV’s political chat program Silfur Egils on Sunday that the agreement with the International Monetary Fund (IMF) cannot be terminated.

Minister of Finance Steingrímur J. Sigfússon. Photo by Páll Kjartansson.

In the interview, Hudson said Iceland should terminate the agreement with the IMF because Iceland’s economy was under attack. The IMF’s purpose, Hudson claimed, is to seize control of Iceland’s natural resources and assets, Fréttabladid reports.

Hudson criticized the IMF for making Iceland pay off debts that it cannot shoulder and therefore recommended a termination of Iceland’s cooperation with the fund. Hudson also stated his opinion that the Icelandic state should not repay debts that it had not accrued on its own accord.

Sigfússon said terminating the agreement with the IMF is out of the question although it is important to complete Iceland’s part in it as soon as possible. “We must also be careful about using these loans so that we won’t be dependent on having to agree to outside terms any more than necessary.”

“What I thought was the most striking [about the interview] was the importance of shielding our natural resources so that we won’t lose them from our control. I cannot remember how often I’ve pointed that out myself,” Sigfússon said.

Sigfússon added that many were interested in acquiring valuable assets at a low price considering the current economic circumstances. “We have to take a firm stance in that regard.”

Click here to watch the interview with Hudson and here to read more about the agreement with the IMF.

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