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The financial balance (or net lending/borrowing) of the general government (i.e. the central government, the social security funds and the local governments) was 8.4 billion ISK in deficit in the 3rd quarter of 2012 or 1.9% of quarterly GDP and 4.5% of general government total revenue. This can be compared with 14.4 billion ISK in deficit in the 3rd quarter of 2011 or 3.4% of GDP in that quarter.

In the Government Debt Management Prospect for 2013, it was announced that Treasury bonds would be sold in the amount of 90 b.kr. (0.53 billion euro) during the year. The intention is to sell Treasury bonds for 15-30 b.kr. (90 - 180 million euro) in the first quarter.

Iceland is in 16th place in comparison of tax rates among 30 EU and EFTA countries, according to a new overview from Eurostat. The tax rate being total tax income by the general government divided by GDP, for a given year.

Monday, 14 January 2013 13:10

Iceland slows down the EU negotiations

The Icelandic government has decided to slow down the negotiations regarding entering the European Union until after the parliamentary elections in April 2013. 

Chairman of the Independence party, Bjarni Benediktsson, says that the future of European Union membership negotiations will be voted on in a referendum if his party will be a part of the next government. General elections will be held in Iceland in a month.

Wednesday, 30 January 2013 12:56

Motion of no confidence unlikely to go through

The Icelandic government has always advocated that the Icesave dispute should be settled with negotiations between Iceland, Britain and the Netherlands. Three contracts were made in the past years but none of them approved, two of them were declined in a referendum. Many members of the opposition wanted to take the dispute to court and they are now claiming that their view was the correct  one, after the Icesave ruling last Monday.

Today it is four years since the current government of Iceland took office. The government was formed in the aftermath of the demonstrations that followed the financial crisis in Iceland that began in 2008. 

Mr. Thor Saari, member of parliament and member of the opposition in Iceland, filed a motion of no confidence against the sitting government today. The motion says that the parliament should be broken up no later than February 28th 2013 and parliamentary elections should be held April 27th 2013, which is the same date as the upcoming parliamentary elections.

Thursday, 21 February 2013 14:05

Motion of No Confidence Retracted

Mr. Thor Saari, member of parliament and member of the opposition in Iceland, filed a motion of no confidence against the sitting government Yesterday. Today he however retracted the motion. He says he decided to retract it after the leaders of the two governing parties insisted that the motion would be voted on today rather than in minimum 48 hours which usually pass before such a vote, according to parliamentary procedure.

Icelandic State Financial Investments (ISFI) is the state’s holding company on the financial market, while the reconstruction and restoration of the financial system is still in progress. ISFI aims to ensure that the administration of the holdings is professional and reliable. ISFI is the state’s holding company on the financial market, while the reconstruction and restoration of the financial system is still in progress.

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