An unlikely bestseller

19. May, 2010

So far, Iceland's bestseller of the year is the report of the Special Investigation Commission, detailing the build-up to the Icelandic bank crash of 2008. According to figures published by the Icelandic Publishers' Association, the nine volume report tops the bestselling lists by a large margin, which means that Althingi – the Icelandic parliament – is currently the bestselling publisher of 2010.

In meticulous detail, the report traces the circumstances which caused Icelandic banks to collapse in early October 2008. Running to over 2000 pages, it is about the same length as all of the Icelandic sagas put together, as MP and novelist Þráinn Bertelsson has pointed out. The report was originally slated to appear in November 2009, but its publication date was twice pushed backwards. It finally appeared on April 12, and by then the anticipation had built up to a fever pitch. The first printing sold out entirely on the strength of pre-orders, leading to a long waiting list, and an employee of book-chain Eymundsson claimed the excitement rivaled the hype preceding a Harry Potter novel.

Writer Jón Kalman Stefánsson had a point when he remarked, in a recent interview with Sagenhaftes Island, that this newest addition to Iceland's historic manuscripts didn't live up to the aesthetic standards of fine literature: “This sort of stuff doesn't happen in the real world,” he said. “It's a poor manuscript, badly acted, and the character descriptions would never work in any novel – they're too unbelievable.”

To be sure, the investigative report does contain many surreal descriptions of the meltdown's prelude, including a number of quotes from e-mail communications between bankers (some of whom have now spent time behind bars):

Hi Magnús, We didn't decide on a bonus for

last year. I suggest 1 mill euros. What do you say. Regards Se.

Prompting the reply:

Thanks More than enough :-).

Or this account of a bank manager's mounting pessimism, as related by a minister:

So he took one half of a glazed bun, stuffed it into his face and worked this phrase around it: I have no faith in this, I have no faith in this. And then this hand with a gold watch appeared and yanked him out of the room.

There are those who contend that the report should be considered for the Icelandic Literature Prize. Author Andri Snær Magnason is of that opinion: “... I don't think there's any doubt that it's a piece of literature ... It's also informative – you can tell it's written for the common people.”

Literature or no, the SIC report is a benchmark in Iceland's confrontation with the economic crash, and its publication is said to be a unique occurrence in the world. It is expected to remain the best-selling title in Iceland, well into the year.