Press conference on planned debt relief will be broadcast live here now at 4pm, GMT, in Icelandic. The chairman of the working group responsible for the plan, Sigurður Hannesson, has said that the working group is not responsible for finding the funding for it. A priori, that is baffling since finding a plan is a lot easier than coming up with funding that does not increase the debt burden of the state. Bjarni Benediktsson minister of finance has said that he does not want to see a solution that burdens the sovereign with further debt, already 98% of GDP.
The key thing to watch out for will be the funding for the plan. Senior people at the Central Bank of Iceland have already aired their worries re the funding but have been assured that no, the funding will not fall on the state. Others struggle to understand how this could be done – but yes, soon we will know for sure.
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