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Global Capital Markets Speaker Series:

StefAn HalldOrsson T'88
Retired CEO, Icelandic Engineers Pension Fund

Event Details

February 11, 2010
Iceland's Deep Freeze - Observations on an Economic Crisis
Tuck School of Business


Stefán Halldórsson T’88, former President and CEO of the Iceland Stock Exchange and retired CEO of the Engineers Pension Fund, discussed the root causes of the collapse of the Icelandic banking sector and the subsequent economic crisis. There is no simple explanation, as shown by the repeated delay in the publication of the report of the commission established by the Icelandic Parliament to seek the truth relating to the events.

Halldórsson also explored the Icesave dispute issue. A national referendum will be held on March 6th on the Icelandic president's decision to veto the legislation whereby the government guarantees the payment of loans from British and Dutch authorities to cover deposits on the Icesave accounts in the United Kingdom and Netherlands branches of the fallen Landsbanki bank.  He wrapped up by talking about the main scenarios for Iceland’s economic recovery and the key policy issues to be decided.