Iceland's financial system has run aground The International Monetary Fund (IMF) has reached a "tentative" agreement to give aid to Iceland worth about $2.1bn (£1.3bn; 1.58bn euros). It is the first Western country to have approached the IMF for aid since 1976. Iceland said it should have immediate access to $833m if the "comprehensive stabilisation programme" is approved. Its financial system is close to collapse after the country was forced to take over three of its biggest, debt-laden banks this month. The Nordic nation's troubles have had severe repercussions elsewhere in Europe. In the UK, individual savers and local councils have been unable to access funds deposited in Icelandic banks. The overarching goal is to support Iceland's efforts to adjust to the economic crisis in a more orderly and less painful way
Dominique Strauss-Kahn
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Governments fight economic onslaught Iceland's currency, the krona, has almost halved in value this year and banking transactions with other countries have almost completely frozen. Less pain The IMF said the tentative agreement aimed to "restore confidence" in the nation's banking system, but warned that the country's economy could contract by as much as 10% next year. IMF managing director Dominique Strauss-Kahn said that Iceland had put together "an ambitious economic program" to restore confidence in its banking system, stabilise its currency. This meant it deserved IMF funding as well as the support of the international community. "The overarching goal is to support Iceland's efforts to adjust to the economic crisis in a more orderly and less painful way," Mr Strauss-Kahn said. Sustainable plan Iceland said the IMF funds would be used to stabilise its currency, reintroduce a flexible interest rate regime and to overhaul its financial regulation system, especially insolvency laws. Iceland's Prime Minister Geir Haarde said he did not think the IMF had laid out any unacceptable conditions. "This program will enable us to secure funding and gain access to the necessary technical expertise required to stabilise the Icelandic krona and to provide support for the development of a healthier financial system," Mr Haarde said. "As a result, Iceland will commit to a sustainable long-term economic policy, and a plan for the recovery of the Icelandic economy," he added. Mr Haarde said that it was vital that the Icelandic public did not get lumbered with the debts which banks had built up when they were privately owned. Before going to the IMF, it had been in talks with Russia for a $4bn loan, but discussions broke down.
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El sistema financiero islandés naufragó a causa de la crisis financiera global.


El Fondo Monetario Internacional (FMI) ha alcanzado un acuerdo "tentativo" para ayudar al sistema financiero de Islandia, corroído por la crisis financiera. El país nórdico resultó ser gravemente afectado por los problemas económicos globales, y en consecuencia los tres mayores bancos islandeses, endeudados a caudales, debieron ser nacionalizados en el transcurso de septiembre y octubre.

"La meta completa es apoyar los esfuerzos de Islandia para ajustar la crisis económica en una manera más ordenada y menos dolorosa", declaró el titular del FMI, Dominique Strauss-Khan.

Si el plan es aprobado, $833 millones estarán a disposición inmediata de Islandia.

Las autoridades islandesas declararon que el fondo será utilizado principalmente para estabilizar la moneda, reintroducir un sistema funcional flexible de tipos de interés y revisar el sistema regulatorio. Se espera que la liquidación de la deuda tenga lugar entre 2012 y 2015.

"Este programa nos permitirá asegurar fondos y acceder a la pericia técnica necesaria para estabilizar la krona islandesa y proveer apoyo al desarrollo de un sistema financiero saludable", resaltó el Primer Ministro islandés, Geir Haarde. "Como resultado, Islandia se comprometerá a una política económica sustentable a largo plazo, y un plan de recuperación de la economía islandesa".

Un delegado del FMI, Paul Mathias Thomsen, puntualizó que se busca que la inflación caiga del 14% del mes pasado a menos del 4,5% para fin de año, restaurando el valor de la krona. La divisa islandesa ha perdido casi la mitad de su valor en lo que va del año.

Con este préstamo, el país se convierte en la primera nación occidental que se aproxima al FMI en busca de ayuda desde 1976. La organización elogió el "ambicioso programa económico", por lo que concederá este préstamo, doce veces la contribución del país nórdico al FMI, pese a políticas del Fondo de no conceder préstamos que excedan cinco veces la cuota del país.

Islandia también había pedido en principio préstamos a Rusia, con un valor de $4.000 millones, pero las negociaciones no llegaron a un acuerdo.