From my vantage point here in Bulgaria, I’ve been loosely following the news back home.
Seems Minister of Economic Affairs Gylfi Magnússon is in deep doo-doo.
Apparently he knew about the illegality of the FX loans more than a year ago, but chose not only to keep mum, but to lie about it to members of the parliament.
It is safe to say that Gylfi has fallen from grace rather precipitously. Not too long ago, he and Ragna Árnadóttir — the two cabinet ministers without a political affiliation — were among the best-trusted members of the government. Not so any more for old Gylfi.
All of which spells further declining support for the government of Steingrímur J. Jóhanna Sigurðardóttir. And with the IP waiting in the wings with more support than ever since pre-collapse … well, it doesn’t take a rocket scientist to figure out where this is headed.