Schjødt represents the Ministry of Foreign Affairs of Iceland. Schjødt has asked us to review two loan agreements dated 5 June 2009 entered into by Iceland (as guarantor) and the Depositors’ and Investors’ Guarantee fund of Iceland as borrower (“TIF” or the “Guarantee Fund”). One loan agreement is with the UK and one with the Netherlands.
Several confidential documents have been discovered on the website of the Icelandic government providing insight into the bizarre legal tactics used by European governments during the recent financial crisis which led to the country’s economic collapse. Each document is a different analysis of the legal arguments behind the so-called “Icesave dispute”, in which the United Kingdom, the Netherlands, and other European governments attempted to force the Icelandic government to repay the debts created by private banking institutions outside their own country.