British offered to accept Icesave under British guarantee

Former majority owner and chairman of Landsbanki reveals for the first time that the day before the Emergency Act was approved in Iceland; the British had offered to accept Icesave under a British guarantee in 5 days against a guarantee from the Central Bank of Iceland. This had been rejected by the Central Bank, resulting in the collapse of the Icelandic banking system and the country plunging into a harsh international dispute. Bjorgolfur Thor asserts that the previous weekend the authorities had not even replied to offers that would have stopped the nationalisation of Glitnir and prevented the banking system‘s fateful collapse.