From Prof Robert Wade.

Sir, Fridrik Már Baldursson and Richard Portes say I get Iceland "very wrong" ("Criticism of Icelandic economy does not square with the facts", Letters, July 4). They should read the International Monetary Fund's Article IV consultation report, based on a mission to Iceland from June 23 to July 4. Article IV reports always tread diplomatically, and this one is no exception. Still, its picture of the current and likely medium-term future is closer to mine ("Iceland pays the price for financial excess", Comment, July 2) than to the rosy account of Profs Baldursson and Portes.