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A second Central Bank director resigns

… but he plans to stay on until June 1.


If this is Eiríkur Guðnason’s attempt at diplomacy, walking the tightrope between placating the nation [he’ll resign] and slavish devotion to Davíd Oddsson [but he won’t leave], it’s rather misguided. Seriously, the farce around these clowns gets more ridiculous by the day.

Our PM has expressed her “disappointment” that old Eiríkur won’t haul his butt out of the CB immediately and I emphatically echo that sentiment. Especially as I was starting to relish the image of Doddsson sitting all alone in his ebony tower, muttering into his tea like a deranged old crone.

Not sure what this means in practice, i.e. whether the bill they’re trying to get passed will allow them to fire their asses immediately, or whether they have to give them umpteen months’ termination notice, but I trust we’ll find out tonight – on Kastljós, which seems to have all the answers these days.

With pastel hues on a backdrop of clouds. Wery pretty. It’s still freezing – just got back from a jaunt around the golf course and the windchill out there was intense. It’s -3°C [27F], sunrise was at 9:36 am and sunset due for 5:49 pm.



Comments on this entry are closed.

  • mary February 11, 2009, 5:59 pm

    I don’t know what to say! I read everything you write and wait with baited breath for the next instalment, and I read our national newspapers here, and I am more and more shocked. I didn’t really understand the full implications of the initial stuff last year, but I do now.
    You need to be very courageous and strong to get over this, and I think you are.
    All good wishes.

  • James February 11, 2009, 6:07 pm

    Three dodgy governors sitting in the bank and, if one dodgy governor should fall, there’ll be…
    Two dodgy governors sitting in the bank and, if one dodgy governor intends to fall in 4 months, there’ll be…
    Still two dodgy governors sitting in the bank – until they’re suspended.

  • alda February 11, 2009, 6:28 pm


    And thanks, Mary. I figure if we can cope with these clowns, we’ll cope with anything.

  • Martin February 11, 2009, 7:28 pm


    I think Eiríkur Guðnason must be Frodo when he was temporarily seduced by David’s ring.

  • Dean February 11, 2009, 7:30 pm

    I’m standing by my “Cut off power to the Central Bank HQ so they cannot cover up evidence of criminality” idea.

  • John Hopkins February 11, 2009, 7:59 pm

    Halló Alda — a quick question — I know you aren’t coding your blog yourself — but I am wondering why you don’t have next/previous blog entry navigation links or a calendar for navigation…

  • Karen February 11, 2009, 8:13 pm

    Well, a transitional staff overlapping and training the new fellow can’t be all bad. If they all left immediately, there’d be no one in place until the job is filled.

  • Chris February 11, 2009, 8:43 pm

    As far as I understand this bill, there will be only one central bank gouvernor in the future. And this one has to have a master in the financial sector as well as a lot of experience. The job period lasts for seven years and can be prolonged only one. And the job has to be anounced publically. Since Dodson has a master of justice (i am not sure about the other guy) he is automatically disqualified for this job.

  • Ljósmynd DE February 11, 2009, 9:32 pm

    If the value of the króna could be pegged to the entertainment value of this charade, you would be out of the crisis in no time.

    The recent incidents with the presidential interview show, that Iceland is being closely watched from abroad. In retrospect I find it all the more remarkable, that the recent letter of Doddsson to the PM was translated and put on the English page of the Central Bank, which is the showcase of this institution and meant to be read abroad. Usually you wouldn’t expect to find such a document exposed to the international public at this place. For somebody not familiar with the conditions it must look like some drooling troll heading this institution, which isn’t so far away from truth, of course, but certainly not favouring the reputation of the country.

  • alda February 11, 2009, 10:55 pm

    Martin – lol! good one. That guy is too funny.

    Dean – wonder if the protesters possess any wire cutters.

    John – not sure what you mean. On individual posts? I guess just because the template isn’t designed that way. And the calendar … do you mean in the sidebar? I guess simply because I have so many things vying for attention in my sidebar, just don’t want to clutter it even more.

    Chris – I’m sure Doddsson wouldn’t re-apply if he was made to leave, anyway. Yes, the new director will have to have a Master’s in economics, the term will be seven years and can be prolonged for another seven, but only once.

    LDE – I think it just shows Davíd Oddsson’s complete lack of ability when it comes to self-perception. I’m sure he so firmly believes that he’s ‘right’ and everyone else is ‘wrong’ that he thinks publishing the letter will help his cause.

  • Paul H February 12, 2009, 12:16 am

    Enjoying keeping up to date with things in Iceland.
    Thanks for providing such a good resource.
    We’re visiting twice this year, fell in love with Iceland a few years back when we did a stop over on our way to the UK from the US.

  • Grif February 12, 2009, 11:45 am

    It’s still freezing – just got back from a jaunt around the golf course and the out there was intense.

    Ahh, good to know that even for people who live here this weather is considered very cold. I thought it was just because “we’re not used to anything”.
    Today is even worse, but that means I have to stop more often and warm up with a cup of coffee. 😛

  • colin buchanan February 12, 2009, 12:58 pm

    “Speaking of the new bill on reorganizing the Central Bank (which became priority one, two and three for the caretaker government lead by Jóhanna), there seem to be some obstacles thrown in the way. First of all, to no one’s surprise the hulking specter of the IMF has issued super-secret “procedural comments” on the bill, which, for some super-secret reason, cannot be revealed to the public.”

    Talking about pressures being applied, does anyone know anything about this?

  • James February 12, 2009, 3:25 pm

    A long video of the BBC’s interesting interview with Geir Haarde today:

  • Andrew February 12, 2009, 4:00 pm

    What sort of treatment are Icelandic comedians giving Doddsson? They must have plenty of material!

  • Roy February 12, 2009, 6:38 pm

    We are headed to 13% unemployment by May and the criminals responsible for this are still walking around acting as if it´s someone else’s fault?
    Perhaps we don´t have enough cross-ownership in this country!

  • Flygill February 12, 2009, 9:05 pm

    Another day, another scandal. Sky news is broadcasting a documentary on Russian Mafia money-laundering in England using the Icelandic banks. Catch it if you can.
    Summary in Icelandic here:
    You can’t say the news coming out of Iceland is boring, can you?