New York Times : FMI et Islande

Source : http://www.nytimes.com/2008/11/13/business/worldbusiness/13iceland.html?ref=worldbusiness

Bailout of Iceland Held Up by Disputes Over Compensating Foreign Savers

PARIS — The $6 billion International Monetary Fund-led bailout of Iceland appeared to be on the back burner Wednesday amid haggling over how the country would compensate overseas customers who lost deposits when Icelandic banks failed.

The managing director of the monetary fund, Dominique Strauss-Kahn, announced on Oct. 24 a $2.1 billion loan and an economic stabilization plan for, Iceland, a country of 300,000.

The Icelandic government hopes that, with the addition of significant funds from Nordic countries and others, the rescue package will total about $6 billion. The government has approached China, Russia, Japan and the United States for help in bridging the gap, but is about $500 million short.

The rescue package and the backing of Nordic countries are contingent upon the approval of the monetary fund’s executive board, which had been expected Nov. 4.

The board is not expected to approve the loan, however, until Iceland resolves a conflict with European governments over how foreign savers will be compensated for billions of dollars in losses suffered on their deposits in Icelandic banks, mainly at Landsbanki’s Icesave unit.

Iceland’s prime minister, Geir H. Haarde, said in an e-mailed statement that his government was still working on the loan package, and that Poland had offered to participate. He said Iceland was seeking to resolve the compensation issue with Britain and the Netherlands.

“I think it is unfortunate if they or anyone else tries to block our case at the I.M.F. board because of that,” he said. “We regard these as two separate matters and that the Icesave issue should be resolved on its own merits. I hope that the executive board of the I.M.F. will put our economic plan on the agenda as soon as possible.”

The Icelandic currency and the country’s stock market began collapsing in September, as the global credit crisis made it impossible for banks and businesses to roll over heavy foreign-currency debts. Financial institutions in the country overextended themselves during the era of easy credit.

In October, the government stepped in to nationalize the three Icelandic banks — Glitnir, Landsbanki and Kaupthing — which together made up 90 percent of the financial system. Since then, officials have been seeking to arrange international support to stave off an economic collapse.

The international repercussions of the bank failures have complicated matters. Savers in much of Northern Europe deposited money with the local units of Icelandic banks, which offered relatively high interest rates.

British charities and local government organizations had deposited more than £1 billion, or $1.7 billion, in Icelandic banks. Lenders in Austria, Britain, Germany and the Netherlands have also reported exposure to the banks.

Wouter Bos, the Netherlands finance minister, told Dutch television on Tuesday that he opposed any monetary fund bailout unless Iceland compensated Dutch savers.

The Dutch lent the Icelandic government 1.3 billion euros, or $1.7 billion, to help it pay back Dutch depositors. Iceland has not said how or whether that would be repaid.

Gordon Brown, the British prime minister, has called Iceland’s unwillingness to compensate savers “totally unacceptable and illegal,” and he has even threatened to use antiterrorist legislation to take over assets of Icelandic companies in Britain.

“We think it’s important that Iceland resolves its issues with other countries before the I.M.F. grants the loan,” Hendrienke Bolhaar, a spokeswoman for Mr. Bos, said Wednesday.

BDB (je pense que celui-ci n'avait pas encore été posté)