I wouldn't be so sure. If Iceland, Greece, and the rest of the folks in debt trouble gang up on the banksters, the era of arrogant banking will be over--the crooks ruined. Maybe it's time to try. Obviously, those greedy fools have no idea the trouble they are in if a debtor's cartel actually got rolling. Hey, it's why the Bible has rules concerning Jubilee years. Wouldn't be the first time the ancients got it right.
Icesave referendum casts cloud of uncertainty over Iceland
by Rosa Brynjolfsdottir – Mon Mar 1, 11:16 pm ET
REYKJAVIK (AFP) – Iceland's economic and political future hangs in the balance as it heads towards a referendum on how to compensateBritain and the Netherlands for money lost in the collapse of an Icelandic bank.
Still shaken from the crumbling of its once-booming financial sector in 2008 that left its economy in tatters, Iceland is bracing for a plebiscite Saturday that observers say could easily increase its isolation, complicate its road to economic recovery and block its entry into theEuropean Union.
"A 'no' vote in the referendum may prevent access to significant external liquidity" and thus could cause "a weaker economic recovery and potentially, political instability," rating agency Moody's cautioned late last week. moreWhile the banksters were issuing threats, the Icelanders were organizing
SPIEGEL ONLINE spoke with Olafur Eliasson, 42, who founded the movement Indefence, which has spearheaded efforts to strike down the December agreement and has served as the driving force behind Saturday's referendum.
SPIEGEL ONLINE: Mr. Eliasson, you and your group Indefence have forced a referendum on the law which would require Iceland to pay back €3.9 billion to reimburse 340,000 Britons and Dutch who lost their savings when the online bank Icesave collapsed in October 2008. Why are you against paying them back?
Eliasson: This current agreement was forced upon us by coercion by the British and the Dutch by threatening to block our entry into the European Union. This agreement is incredibly one-sided.
SPIEGEL ONLINE: But certainly those who lost their money should be compensated.
Eliasson: The Icesave obligation is not a debt held by Iceland, and there is no legal requirement for Iceland to pay this money. This was a private bank, operating in a foreign country. When it failed, the deposit insurance scheme that was supposed to cover the savings accounts was fully in compliance with European regulations. Such schemes do not require that they are backed by taxpayers. It is blackmail. How else can you describe it when Britain uses anti-terrorist laws against Iceland? moreAnd an Icelandic blogger explains the vote
First Iceland, then the World
March 7, 2010 - 11:39pm
The public is angry. Why should the public pay for the bankers mistakes.
Who cleans up the mess when ignorant, greedy bankers rack up massive debt then go broke? The people of Iceland made a strong statement Saturday. The sins of big bankers and government regulators shouldn't fall on the citizens. By a 93% to 2% margin, they voted down a proposal requiring them to cover bad debt incurred by one of the nation’s oldest and largest banks. Covering the debt would have cost Iceland's 317,000 citizens around $17,000 each. more