The Iceland President defends the towers before the crisis to promote the model of the Bank - Bloomberg

April 11 (Bloomberg) — the Icelandic President Olafur Grimsson speaks of the claims agreement filing with the United Kingdom and the Netherlands following a referendum in which Icelandic voters rejected a proposal to repay foreign applicants. Grimsson speaks of Reykjavik with Maryam Nemazee for Bloomberg Television "pulse." (Source: Bloomberg)

President ólafur r. Grimsson the Iceland defended his efforts to promote the model of Bank of the island in the years that led to the crisis, arguing that it was his duty to speak of an industry which was the creation of jobs.

"It is always the mandate of the President to support the economy of the country and these three banks were the biggest companies," he said in an interview on April 12, in Copenhagen before to speak at the Institute for Corporate Governance lessons from the crisis. "They were thousands of young Icelandic with employment opportunities, in Iceland and in other parts of the world."

The former leaders of the largest banks of the Iceland, which collapsed in 2008 after amassing debts more than 10 times the size of the economy, are now being surveyed financial crimes that prosecutors say stimulated the economic collapse of the island. Grimsson, 67, in a speech from May 2005 assigned Bank growth of the Iceland to the "corporate culture" of the country and a tendency to "challenge dominant theories taught in business schools met."

Now, Grimsson said "it would be strange if the President over the years had not participated in the promotion of the largest companies of the Iceland." Financial industry employee Island 4.3% of the active population of the country in 2006 or 7 300 persons, data show Statistics Iceland. Industry represents 5.1 per cent of workers in 2008, the Bureau believes.

The President in February blocked the efforts of the Government to settle the claims of foreign applicants from Landsbanki Islands hf, once the largest in the country second lender, arguing the taxpayers of the Iceland should not cover the losses created by poorly managed private banks. That triggered a referendum, in which 59.7% of the voters on 9 April rejected an agreement of Government with the United Kingdom and the Netherlands.

The dispute will now be settled in the Court of the European Free Trade Association at Luxembourg, where procedures are likely to take about a year, Finance Minister Steingrimur j. Sigfusson, said April 10.

Moody's Investors Service 23 February warned that failure to resolve the dispute filing, called Icesave, would trigger a junk e-mail rating downgrade. Fitch Ratings Ltd. has ranked Iceland debt non-investment grade since the veto of January 2010 the Grimsson of an applicant agreement earlier. Said companies that Iceland will experience difficulties tapping international debt markets unless the depositor claims are resolved.

Grimsson accuses rating firms to mislead the Iceland policy makers before the crisis by giving banks credit high notes. According to him, that he has travelled the world praising the "peculiar." Iceland lenders since they received very positive comments by the authorities of international rating

In an April 11 interview with Bloomberg Television, he called history of Moody on the assessment of the risks of credit "appalling."

Board of special inquiry Iceland, which last April published approximately 3,000 pages of results on the causes of the banking crisis, said the role of the Grimsson in the financial collapse was "particularly interesting", according to the report.

"It cannot avoid probing the Office of the President especially in this regard, because of his servitude, for the trip and individuals at the forefront" concluded the report. Grimsson is "moral responsibility for the theatre piece", the report. It "forcefully draws a picture embellished, arrogant and nationalist of the superiority of the Icelanders, based on the former heritage." Note that some of the qualities that the thought of the President have been admirable were exactly the characteristics that led to their and the disappearance of the nation. ?

Grimsson, stated that his support for the industry was also based on assessments by the authority of financial supervision of the Iceland. The Board of special inquiry found since the regulator does not have to monitor the banks properly.

"Although there are a number of warning signs, regulatory authorities and the international rating agencies continue to give banks very good remarks," said Grimsson. "As my colleague heads of States promote the larger companies in their countries, but a long part of the Presidency of the Iceland," he said. "" "". In the decades preceding it was mainly the fishing industry and agricultural societies but 10 years ago, that banks have become the largest companies. ?

Moody, rated the sovereign debt of the Aaa Iceland up to five months before its financial sector collapsed in October 2008, has stated in an April 2006 report written by analyst Joan Feldbaum-Vidra concerns "risks that may accompany an increased influence in the economy" have "recently been exaggerated."

Grimsson, who became President in 1996, is now touring geothermal expertise Iceland global promotion, including it in a January 28 interview in Davos, Switzerland, called "a very important global mission for the Iceland."

Olafur Hauksson, Special Prosecutor of the Iceland, has investigated 112 cases related to the banking crisis of the island. The Supreme Court sentenced March 24 brokers to failed Kaupthing Bank hf, once lender more of the Iceland, to six months in jail after finding that they manipulated bond deals. The District Court of Reykjavik sentenced April 7 Baldur Gudlaugsson, former permanent Secretary to the Ministry of finance, to two years in prison for insider trading with Landsbanki shares. Haukur Thor Haraldsson, a former manager with Landsbanki, was charged with money transfer illegally the subsidiary of the Bank to his personal account.

The full investigation of financial crimes which led to the collapse of the banking Iceland will be completed by 2014, said Hauksson.

To contact the reporters on this story: Christian Wienberg in Omar Valdimarsson London cwienberg@bloomberg.net to the valdimarsson@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger to tbrogger@bloomberg.net

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Towers of the Japan PM damage as protesters hit streets

Japanese Prime Minister Naoto Kan paid another visit to the coast tsunami devastate Sunday, then that thousands of anti-nuclear demonstrators descended on the streets of the capital of the country.

Kan promised depending on fishing Ishinomaki, a coastal city of 163 000 to Miyagi, one of the prefectures hit hardest by the March 11 earthquake and the tsunami, that his Government would do everything it can to help.

"We will support you so that you can resume fishing," Kan, dressed in blue working, said the local population gathered near the sea.

Port of mask of protestors wave placards Sunday in Tokyo in a demonstration against nuclear energy, in the Japan where an earthquake and tsunami in March paralyzed the Fukushima Daiichi nuclear complex in the northeast of the Japan. Associated Press

Ishinomaki Mayor Hiroshi Kameyama told him that the Government must build quickly temporary houses for the town of 17,000 residents who have lost their live in shelters. Ishinomaki more than 2,600 people have been killed in the disaster, and another 2,800 are missing.

Boats were also destroyed, crippling the fishing industry accounts for 40% of the economy of the city.

While Kan was visiting Ishinomaki, thousands of people in Tokyo, carrying signs "No nukes", gathered for a rally in a park located in a student district Sunday, and then marched through the streets chanting and beating drums.

In Tokyo, demonstrators also chanted "fukushima" as they walk through of the seat of the Government and past the nuclear and industrial safety agency.

Transported masked demonstrators bearing placards showing the leaders of nuclear power by country< including="" french="" president="" nicolas="" sarkozy,="" japanese="" prime="" minister="" naoto="" kan="" and="" u.s.="" president="" barack="" obama.="">

The event is a response to the tsunami flooded crisis Fukushima-Daiichi nuclear plant, 220 kilometres north of Tokyo. Workers have spent the months spent frantically try to stop the radiation spewing nuclear reactors in restoring cooling systems, but still have a long way to go.

The members of the Japan self-defence Force search for victims in Ishinomaki, Miyagi Prefecture, Sunday. Toru Hanai/Reuters.

Troops during this time, the Japanese and the Americans fanned along the coast in another search all azimuth of organs by land, sea and air. Disasters, up to 25,000 deaths, destroyed the kilometres of coastline and tens of thousands homeless.

Television news showed heavy lift inland the tsunami washed boat so that they could find a car crushed under. No one was inside.

"A month after the earthquake and the tsunami, many people is still missing," said Japanese Defence Ministry Norikazu Muratani spokesman. "We would like to do everything we can to find organizations for their families."

Only 13 000 deaths have been confirmed for the moment, and many organizations have probably washed out at sea and will never be found.

A similar search for three days with more troops a week he has found just 70 bodies, highlighting the difficulties of the location of the victims in the ocean and debris along the coast.

To coast Fukushima Sunday, a middle-aged man watched as soldiers in scuba dive under water. He hoped that they would locate his younger brother, a fisherman was swept.

"There must be trapped in the boat," the man told broadcaster NHK public, who do not identify him. "I'm just praying soldiers find him.".

The most recent search was to last just one day and does not include the area of 20 km around Fukushima Dai-ichi complex evacuation. Police in full protective equipment-bridged continue the work dangerous, painstaking search for bodies in this area.

The contamination of the water pooling around the nuclear complex has slowed efforts to stabilize the reactors, emitting radiation so in some places where workers can obtain for short periods of time, or even not at all.

In a gesture that has prompted some criticism from countries neighbouring, engineers decided this month to deliberately pump less contamination of water in the ocean of a storage facility they thought that might be a good receptacle for the more highly radioactive water. They are also pumping out the water from drains to prevent it from backup.

"I would like to apologize for my heart on the concerns and problems we are causing to society due to the release of radiological materials, in the atmosphere and sea water" Sakae Muto, Vice President of the nuclear power plant operatorTokyo Electric Power Co., said Saturday.

Pumping was released late Sunday and officials hoped that in the days that they could begin to transfer the most highly contaminated water installation now drained.

The operation is risky because the water is transferred through a hose to water meanders autour buildings on the complex, which means that if there are cracks or leaks in the pipe, radiation could escape into the air.

"We must ensure that we can do so safely," said Hidehiko Nishiyama, spokesman for the Chief of the Japan nuclear safety agency.

Now that the removal of the contaminated water is underway, officials began to consider options for the restoration of cooling systems vital to prevent damage to the reactor. But they do not know what will work best until the water is the road and they can see what parts are usable and which have been destroyed.

Also Sunday, workers at the plant were preparing move highly contaminated water, swelling in a trench in one of the six buildings reactor in an area of storage in the building. The transfer was necessary to avoid that the water leaking into the sea.

North Japan, North of the Japan 250 000 households were still without running water and electricity Sunday. Some have it since the tsunami, while others he lost in a replica of magnitude-7. 1 Thursday that killed three people and rattled nerves, but caused no significant damage.

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