Worst unemployment in 14 years

Unemployment in January was 6.6%, meaning that 10.456 people were out of a job on average. The increase from December was 32%. The state broadcasting channel reports that these are the worst unemployment numbers seen in January since 1995 when it was 6.8%.

A year ago unemployment was 1%, or 1.545 people.

Two down, one massive headache to go

So now both Eirikur Gudnason and Ingimundur Fridriksson have resigned their jobs as Central Bank governors, one massive headache remains. 

While protesters grow louder outside the Central Bank, David Oddson is still willing to flush his country’s reputation down the drain.

Thefts from grocery stores increase

In Morgunbladid, a CEO from Norvik which operates two chains of grocery stores claims that grocery thefts are increasing rapidly. 

Without disclosing numbers he says the difference from last year is very noticeable.

Car dealerships face 95-98% contraction

The car dealerships in Iceland are facing a contraction of 95-98% on the previous year. 

Kaupthing bank has taken over the operation of Hekla which carries Volkswagen, Skoda and Audi. Two other companies are merging, those with the dealership rights to Subaru, Nissan, Opel, Saab, BMW, Renault, Landrover and Hyundai. 

More than 200 jobs are at risk in the current situation.

Saturday Night Live: Björk comments on the Icelandic Economy

Althingi’s shame

When the Icelandic Parliament, Althingi agreed on an emergency law after the collapse of the banks that allowed the state to nationalize them, it included a clause which caught people’s attention. 

According to the clause, it was illegal to sue the old banks, and it was apparent that this would go against the constitution of Iceland. One of the basic rights is the right to have a court hear one’s case.  

And yet, Althingi agreed on the law, including that clause even though Left Green MP Atli Gislason, a lawyer by trade warned against it.  

And this week it was rejected by the courts in a personal case against Glitnir. Of course the person can sue the former banks.  

So what should be made of a legislative branch, where incidentally many lawyer-educated people are members, that accepts a law that is obviously against the constitution?

Undemocratic? Degenerate? Asleep on the job?  

The shame of those who accepted the clause is great.