Heavy Debt Burden in 2011 Skip to content

Heavy Debt Burden in 2011

The year 2011 will be very difficult for the Icelandic State Treasury according to numbers reported by the Central Bank to Althingi’s Trade Committee just before Christmas, Morgunbladid reported. That year the state will have to pay EUR 1,467 million which will be extremely hard compared to other years which will also be difficult.

The statistics show that according to plan all foreign loans will be repaid in 2021 and that no new loans will be taken in that period. When asked if this plan is realistic, Minister of Finance Steingrímur J. Sigfússon said, “It is fully realistic if things work out well. But of course this will depend on how we fare and how world’s economy develops on the whole.

He further declared that the statistics showed how the Icesave debt was relatively small compared with the overall debt of the state.

The Icesave bill will be on Althingi parliament’s agenda again today. Sigfússon said that he expected that the days before the New Year would suffice for Althingi to forward the bill and that he was optimistic that the bill would be passed.

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