From 1962-1970, he studied economics and political science at the University of Manchester. He was a professor at the University of Iceland for political science, served as Member of Althing, was Minister of Finance, 1988-1991 and served as chairman of the People's Alliance Party.
He was married to Guðrún Katrín Þorbergsdóttir in 1974 (she was born on 14 August 1934 and died on 12 October 1998) and they had twin daughters in 1975. He married Dorrit Moussaieff on 14 May 2003.
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