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Is the UK government about to be embarrassed over the Icelandic affair?

Amid claims that the government were aware of problems in Iceland prior to the collapse of the country's financial sector there are growing calls for a thorough investigation into the collapse where confirmation about what the government did and did not know would be requested. As we discussed yesterday there are claims that Gordon Brown knew about problems as far back as March 2008 although no action seems to be taken.

We also have the issue of Alistair Darling speaking with his counterpart in Iceland when he requested confirmation that UK funds would be guaranteed or at the very worst come under the European compensation scheme. While he was given no such guarantee, neither was he informed that the funds would not be covered although he then appears to have revealed to the press that the Icelandic government were not willing to guarantee UK deposits.

There is a growing feeling that this disclosure by Alistair Darling did in fact exacerbate the problems with the Icelandic financial system leading to a further run on the banks. It will be interesting to see if such an investigation is carried out as there have been numerous rumours and counter rumours about the saga.

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