Outstanding loans plus the foreign currency reserves are estimated to be worth 623 bn ISK. So the net government debt is only 772 bn ISK or 42.2% of GDP. Therefore, it might not be as big of a problem for Iceland to fulfill the Maastricht criteria as many people have stated.
It has however been pointed out that it might cost the government around 100 bn ISK, or 0.63 bn EUR, to refinance the Housing Financing Fund. It might also cost the government around 500 bn ISK, around 3.16 bn EUR, to refinance the gap in the Icelandic pensions system. These numbers are not counted in the government debt.