Thread: Iceland Rejects IceSave; Does No Mean No?

Saturday, March 06, 2010

Iceland Rejects IceSave; Does No Mean No?

Those looking for good news can find it in Iceland. However, good news for Iceland is bad news for the UK and the Netherlands.

Please consider Iceland Rejects Icesave Bill in Referendum, Early Results Show http://www.bloomberg.com/apps/news?pid= ... UQtLSVh0sQ

Icelanders overwhelmingly rejected a bill that would saddle each citizen with $16,400 of debt in protest at U.K. and Dutch demands that they cover losses triggered by the failure of a private bank, first results show.

Ninety-three percent voted against the so-called Icesave bill, according to preliminary results on national broadcaster RUV. Final results may be published tomorrow morning.

The bill would have obliged the island to take on $5.3 billion, or 45 percent of last year’s economic output, in loans from the U.K. and the Netherlands to compensate the two countries for depositor losses stemming from the collapse of Landsbanki Islands hf more than a year ago.

“Ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers,â€

I sympatyze with Iceland