Although the delegations "agreed to work closely on the other remaining issues over the coming days", there was no public sign of movement on the issue for the next four weeks. The main reason for this was the simultaneous eruption of the Icelandic financial crisis, which was threatening the Icelandic state with a potential bankruptcy, due to the fact that 85% of its banking sector had turned into bankruptcy within a few weeks. Thus the government was in a critical need to apply International Monetary Fund (IMF) and other willing countries for the supply of a sovereign bailout package, which at that point of time got the highest priority first to settle. The Icelandic government decided in mid-October to apply for this combined sovereign bailout package, of which the IMF had offered to pay $2.1bn and the bilateral bailout loans being offered had a size of $3.0bn, and the negotiations to settle the terms for the bailout package lasted almost four weeks. When the time came for the bailout loan to be formally approved by the Board of the IMF, it however became clear that the Icesave dispute also first needed to be resolved, before the bailout loan could be transferred. Dutch finance minister Wouter Bos said that the Netherlands would oppose activation of the IMF loan, unless a mutual agreement first was reached over Icesave.