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Viewing cable 09REYKJAVIK207, POTENTIAL TRAVEL TO U.S. BY SENIOR ICELANDIC OFFICIALS IN

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Reference ID Created Released Classification Origin
09REYKJAVIK207 2009-11-18 16:04 2011-01-13 05:05 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Reykjavik
VZCZCXYZ0000
PP RUEHWEB

DE RUEHRK #0207 3221606
ZNR UUUUU ZZH
P 181606Z NOV 09
FM AMEMBASSY REYKJAVIK
TO RUEHC/SECSTATE WASHDC PRIORITY 4223
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RHEHNSC/NSC WASHDC
UNCLAS REYKJAVIK 000207 
 
SIPDIS 
 
SENSITIVE 
 
TREASURY FOR MYERS AND NORTON 
NSC FOR HOVENIER 
 
E.O. 12958: N/A 
TAGS: PGOV PREL ECON EFIN IC
SUBJECT:  POTENTIAL TRAVEL TO U.S. BY SENIOR ICELANDIC OFFICIALS IN 
2010 
 
1. (SBU) Several high-level GOI officials have expressed interest in 
traveling to the U.S. in early 2010 to meet with officials at 
counterpart agencies.  A visit prior to January is unlikely, as the 
government lacks the money to finance a trip at the moment and 
officials are finalizing the 2010 budget.  However, possible visits 
by the Minister of Finance, the Central Bank Governor, and the 
Minister of Economic Affairs might take place in January or 
February. 
 
2. (SBU) Central Bank Governor Mar Gudmundsson and Finance Minister 
Steingrimur Sigfusson told the Charge d'Affaires (CDA) separately 
that they would like to discuss options for addressing Iceland's 
economic and fiscal challenges with their appropriate counterparts 
in Washington as well as the IMF.  Minister of Economic Affairs 
Gylfi Magnusson told CDA that he would like to consult with U.S. 
experts about how to restructure the banking system going forward 
and to learn more about where the U.S. system is today and where it 
is headed.  (Note: We expect that Gudmundsson and Sigfusson would 
travel together, but it is unclear whether Magnusson would go with 
them or separately.  End Note.) 
 
3. (SBU) Comment.  Post strongly supports the idea of a GOI 
delegation visiting the U.S. for consultations.  This would be an 
excellent opportunity to build upon strong bilateral relations and 
to provide public support for Iceland's economic recovery.  Meetings 
with officials at the Departments of State and Treasury, and Federal 
Reserve as well as with other banking regulators, would be useful. 
In addition, post would recommend a meeting highlighting the 
positive economic impact of data centers in Northern Virginia. 
Iceland is currently looking at this industry as one way to 
diversify its economy, but at the same time is struggling to create 
an attractive foreign investment framework that would encourage this 
diversification.  End comment. 
 
WATSON