Reykjavík Grapevine - 28.09.2013, Qupperneq 21

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21
But the cables don't go much past that meeting,
in terms of chronology, because the above dispatch
was the one Chelsea Manning leaked to prove her-
self to WikiLeaks. We do know how the story plays
out (or has played out thus far), with a European
Free Trade Association court having ruled in Janu-
ary that Iceland needn't guarantee the Icesave pay-
ments, and with the IMF aid program ending in
August 2011. But that narrative is incomplete due
to a dearth of unfiltered official opinion.
Mr. Benediktsson Tries to Go
to Washington
One more cable does tell us something about the
Icesave deal and the IMF that's still very relevant,
however, because it sheds light on the current Fi-
nance Minister's approach to politics—a cable sent
November 16, 2009 called “INDEPENDENCE PAR-
TY LEADER SEEKS MEETING WITH WHITE
HOUSE TO DISCUSS IMF”
The start of the document suggests there were
aspects of the meeting motivated by what Bjarni
Benediktsson believed to be the best interests of
Iceland—even if the Independence Party leader's
proposals were ambitious. He suggested a U.S. Su-
preme Court Justice could mediate the Icesave Dis-
pute. He also pushed for an audience at the White
House to lobby the U.S. to support Icesave media-
tion.
But he himself didn't seem to think it was in
Iceland's best economic interests to reject the legis-
lative solution:
-----------------------------------
He also admitted that, were he to
have his way and the bill fail in
parliament, it could further stall
Iceland's recovery efforts. It would
certainly mean no further loans
from the IMF and, without that cash
inflow, the government would be un-
able to lift its capital control re-
strictions and would likely have to
issue Euro bonds to raise the nec-
essary capital. He also said he was
not anxious to assume leadership
of the government, but preferred
to remain in opposition until after
the May 2010 municipal elections to
benefit candidates from his party.
-----------------------------------
He then suggested that, because the Icelandic gov-
ernment was on a shoestring austerity budget, the
U.S. could finance an Icelandic delegation's trip to
Washington to promote “bilateral cooperation”—
even if that bilateral summit contained an Icelandic
delegation of one:

-----------------------------------
Benediktsson was somewhat vague
with suggestions on how to accom-
plish this but suggested that the
Parlimentary Foreign Affairs Commit-
tee visit the United States. He then
asked whether, considering Iceland's
current financial problems, there
might be some U.S. financing avail-
able to facilitate such a trip.
(Note: Benediktsson later sent CDA
a follow up email expressing con-
tinued interest in meeting with an
official from the White House even
if he came alone. End note.)
-----------------------------------
CDA Watson commented that Bjarni's “request
may be a political ploy designed to embarrass his
opponents in the government and make waves
in the media...Given his proposed solution on Ic-
esave...his angle appears more likely political than
economic.”
But we only know this about the current sec-
ond banana thanks to Chelsea Manning and
WikiLeaks. One can only hope there will be mas-
sive leaks to tell us about the behind-the-scenes
history of future catastrophes—Icelandic or oth-
erwise—sometime after the news about them
crashes.