Mr. Olafur Ragnar Grimsson, the president of Iceland, was at the World Economic Forum in Davos today where he launched a verbal attack against Gordon Brown, the ex Prime Minister of the United Kingdom.

In light of the acquittal in the Icesave case, I see a reason to post the press release from the Ministry for Foreign Affairs in its totality.

Today Iceland won the Icesave case before the EFTA court. The case was twofold, Iceland was charged with violating the deposit insurance directive of the EEA agreement on one hand, and discriminating against deposit holders by nationality on the other. Iceland won on both accounts and was cleared of these charges.

The Minister of Finance and Economic affairs, Ms. Katrín Júlíusdóttir, has released an announcement regarding the Icesave ruling where she welcomes the ruling. The announcement was published on the website of the Ministry of Finance. 

Mr. Ossur Skarphedinsson, the Minister of Foreign affairs, said during discussions at parliament that it is correct to revise the constitution but it was a fact that the constitution served Iceland well in the Icesave dispute, and it made it possible that the nation managed to combine the benefits of the negotiations path and the InDefence path.

The credit rating agency Moody's has improved the credit rating for Iceland, following the EFTA ruling in the Icesave case. The credit rating of the government is Baa3/P-3 as before, for long term and short term debt, but the outlook is now stable, not negative as before. 

Two respected Norwegian politicians have joined the Norwegians that want to, publicly, say sorry to Iceland because of the Icesave dispute.

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.

The Progressive Party, which is considered to be a farmers party, is now the largest political party in Iceland according to a recent poll. The Independence Party is the second largest. These two parties have had around 20-30% support each, in recent months, but the Independence Party has until now been the largest.

The EFTA-court will rule in the big Icesave case on January 28th. ESA, the EFTA Surveillance Authority, formally charged the Icelandic government for contract violation on December 15th, 2011. The case is about potential violation of directive 94/19, of the EEA agreement, on deposit guarantees.