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### Viewing cable 08REYKJAVIK242, ICELANDIC ECONOMIC CRISIS: RUSSIAN LOAN STILL ON TABLE, IMF

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
08REYKJAVIK242 | 2008-10-20 18:06 | 2011-01-13 05:05 | CONFIDENTIAL | Embassy Reykjavik

`

    VZCZCXRO9827
    OO RUEHFL RUEHKW RUEHLA RUEHROV RUEHSR
    DE RUEHRK #0242 2941800
    ZNY CCCCC ZZH
    O 201800Z OCT 08
    FM AMEMBASSY REYKJAVIK
    TO RUEHC/SECSTATE WASHDC IMMEDIATE 3854
    INFO RUEATRS/DEPT OF TREASURY WASHINGTON DC IMMEDIATE
    RUEHZL/EUROPEAN POLITICAL COLLECTIVE

` `

    C O N F I D E N T I A L REYKJAVIK 000242

    SIPDIS

    STATE FOR EUR/FO A/S Dan Fried

    E.O. 12958: DECL: 10/20/2018
    TAGS: EFIN ECON PGOV IC
    SUBJECT: ICELANDIC ECONOMIC CRISIS: RUSSIAN LOAN STILL ON TABLE, IMF
    ANNOUNCEMENT IMMINENT

    Classified By: DCM Neil Klopfenstein for reasons 1.4 (b) and (d).

    1.(C)  Sturla Palsson, Director of International Affairs and Markets
    at the Icelandic Central Bank and leader of the recent Icelandic
    delegation to Moscow to negotiate a 4 billion Euro loan from Russia,
    told Econoff that the Russian loan was still very much on the table
    and that both sides are keeping in telephone and email contact.
    Palsson said the two sides might meet possibly this week, and thought
    that the loan could be finalized by Friday.  He said before the
    Icelandic delegation left for Moscow, they had been told by the
    Russian Ambassador to Iceland that the Russian Prime Minister had
    signed off on the loan.  The discussions in Moscow centered around
    details such as whether the money would be given as a bond or loan,
    and what the maturity dates would be, etc.  The loan would be coming
    from the Russian Development Agency.  Palsson said that Iceland is
    considering IMF assistance and that initially the Russians had been
    against Iceland involving the IMF "because of the Russians' own
    negative experience with the IMF in 1997."  However, Palsson said
    that the Russians could see the business value of involving the IMF
    because it could "bring in others" (presumably other nations with
    cash) which could create confidence in the Icelandic krona and the
    Icelandic economy.

    ¶2. (C) Palsson emphasized that the meetings in Moscow were to inform
    Russia what Iceland planned to do with the 4 billion Euro.  He said
    that it would be used to "kick start things" and provide foreign
    liquidity.  With bigger Central Bank reserves, foreign account
    holders of Icelandic krona would be less likely to cash out.  Palsson
    acknowledged that Russia has its own financial problems, especially
    with the dropping price of oil, but said the Russian 500+ billion
    Euros in reserves would cover an Icelandic loan.  Regarding the
    question of "why ask Russia for a loan and not the U.S.", Palsson
    replied that "feelers" had been put out by the government and only
    the Russians responded positively.  Palsson said that Iceland had
    been in discussions with "others" and with sovereign wealth funds and
    that the feedback has been positive, but did not elaborate further.

    ¶3. (C) Both the Finance Minister and Prime Minister's offices said
    that this afternoon's FT.com's article that reported Iceland's 6
    billion euro IMF agreement was imminent was unconfirmed.  The
    assistant to the Finance Minister said that the Letter of Intent with
    the IMF had not yet been signed and that final figures had not been
    confirmed.  About an hour later, however, the same assistant emailed
    Econoff to say that an announcement about the IMF would be likely
    made tomorrow.

    ¶4. (C) Comment: Icelanders are aware that a loan from the Russians
    may have implications.  The fact that they are proceeding anyway is
    an indication of the seriousness of the financial situation here.

    VAN VOORST

`