Nordic countries agree €444m in Iceland aid

Nordic countries gave the go-ahead on the 20 April 2010, after a long delay, for up to €444m more aid for Iceland’s stricken economy.

Nordic governments are the biggest donors to the multi-billion euro bail-out agreed with the International Monetary Fund after Iceland’s banking sector collapsed in 2008. Loans have been held up for months by a dispute involving €3.9bn of British and Dutch deposits lost in the failed Icesave online bank.

Nordic loans had previously been held up because they are conditional on Iceland fulfilling its 'international obligations'. In a joint statement on the 20 April 2010, the Nordic countries said Reykjavik had shown 'commitment to honour its obligations' and voiced 'strong support' for efforts to resolve the Icesave dispute.

ESO: Background information: Boost for Iceland as IMF agrees to resume lending http://www.europeansources.info/record/boost-for-iceland-as-imf-agrees-to-resume-lending/

IMF: Country Info: Iceland and the IMF http://www.imf.org/external/country/ISL/index.htm

Iceland: Ministry of Economic Affairs: Press Release, 17.4.10: Second review of economic program by the board of the IMF http://eng.efnahagsraduneyti.is/Publications/nr/3047

Sweden: Ministry of Finance: Press Release, 20.4.10: Nordic countries welcome approved review of Iceland's IMF programme http://www.sweden.gov.se/sb/d/13079/a/144272

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