The opposition is now considering to file a Motion of no confidence against the government because of the Icesave ruling on January 28th. Many members of the opposition feel that the ruling proves that the government is not tough enough. A few days ago Mr. Jon Bjarnason, a parliament member for the Left-Green movement which is in government, left the party and decided to stay outside of parties for the remainder of the term. The next parliamentary elections will be held next April.
The government is therefore short one man to withstand the Motion of no confidence and the opposition is considering to take advantage of that. But a few members of the opposition have said that they would back up the government and therefore it is very unlikely that the motion would go through.
Many members of government, and others, who advocated the negotiations between Iceland, Britain and the Netherlands in the Icesave case say that going to court was not the correct choice at the time the choice was made, when the nation declined the last Icesave contract. It may have turned out to be the correct choice afterwards but it was unlikely that Iceland would win the case and if Iceland would have lost, the cost could have been huge. Waiting for the ruling for all this time has also been very costly, because of lower credit ratings, less access to foreign financial markets and other factors. Some say that the government should not gamble with the future of Iceland.