Former Iceland Minister: Fortune Prediction “Rubbish” Skip to content

Former Iceland Minister: Fortune Prediction “Rubbish”

By Iceland Review

Economist and former Icelandic Minister for Economic Affairs Gylfi Magnússon has rejected CNN/Fortune journalist Cyrus Sanati’s prediction that Iceland is “Europe’s ticking time bomb,” reasoning that Sanati’s arguments are based on false presumptions and that he incorrectly cited economic data.

money-banknotes_psPhoto: Páll Stefánsson/Iceland Review.

According to Sanati, whose article was published on Monday, “the inevitable unmasking of Iceland’s dubious economic recovery could have severe consequences for the rest of Europe, leading to yet another panic on the continent.”

In an interview with, Gylfi argued that Sanati fails to distinguish between the old and new banks and appears to know little about the situation in Iceland.

Gylfi also rejected Sanati’s brandishing of Iceland’s banks as “zombie,” saying that not even the old banks could be described as such. “They are just companies that are being wound up to close them down and the new banks are in no sense ‘zombie’ banks. For that reason, I find this article mind boggling and strange and one of the weirdest articles to be published by a respected media outlet recently.”

Gylfi emphasized the need for a clearer message to be sent to the outside world about the situation in Iceland to prevent “rubbish” from being repeatedly published.


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