President of Iceland Says Iceland is Doing Better Than Other European Countries Skip to content

President of Iceland Says Iceland is Doing Better Than Other European Countries

“Iceland has been able to recover because we let the private banks fail…and we could devalue,” Olafur Ragnar Grimsson, president of Iceland told CNBC. The IMF program will probably be over later this year and the country is on the road to recovery, he said. He also discussed the country’s plans to join the EU.

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President Ólafur Ragnar Grímsson. Photo: Páll Kjartansson/Iceland Review

The President in Iceland is a figurehead and is not associated with the coalition government of Jóhanna Sigurdardóttir. In later years the president has been more active in interviews, especially with the foreign press. His remarks are often controversial in Iceland.

Unemployment is currently between 7 and 8 percent, close to a historical high and GDP went down in the third quarter of 2010, the latest figure available. Inflation is down to 1.8 percent. In 2008 to 2010 almost 3 percent of Icelandic nationals have emigrated. The Icelandic krona is worth about 60 percent of what it was three years ago. About 20% of house owners are thought to be technically bankrupt.

A video can be seen here.

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