Director who took charge as Faroe Islands went bankrupt to leave

Leif Abrahamsen will step down as director of the government agency Gjaldstovan on November 1 after 35 years in the role, Faroese broadcaster Kringvarp Føroya reported.

Abrahamsen took over when the Faroe Islands went bankrupt in the early 1990s. He was 32, and had only just received his appointment letter when he faced a major challenge.

Banks had collapsed, the government’s arrears were growing, guarantees had disappeared and sureties were being enforced. The national treasury was empty.

“Now that I am 67 and have been at the helm for 35 years, the time has come to step down,” Abrahamsen said.

He said he would now prioritise his family, especially his grandchildren, who live abroad.