There is icelandic yellow snow on the head of bankers today

[Kjertesvein]

Iceland didn't want to pay a Krona for something they had nothing to do with. This verdict should be a wakeup call for US and UK citizens who feel guilty.


I remember Gordon Brown putting Iceland on the same list as Al-Queada. I guess he was terrified that other middle class people would understand that they don't have to pay for the mistakes the banks made. End of story.


"
Island won the Icesave dispute to the Court

Icelandic taxpayers are not required to meet 3,88 billion euro in losses after the private bank Icesave went bankrupt - such monitoring agency ESA claimed.

EU, the Netherlands and Britain demanded that Icelandic taxpayers should pick up the bill for Icesave bankruptcy. The priority claims amounting to 3,88 billion euro.

Britain's Prime Minister Gordon Brown went so far as to put the Island at the same terrorist list that Al-Qaeda in the referendum when the Icelanders refused to take a collective responsibility for Icesave bankruptcy.
"

Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong

The EFTA verdic

Spoiler Alert, click show to read: 

Facts:

Spoiler Alert, click show to read: 

Billion Icesave dispute about:
The Icelandic bank Landsbankinn created a net savings of foreigners, especially the Dutch and the British, called Icesave.

They offered favorable interest rate and received more foreign depositors than residents in Iceland and total assets of eight or nine times Iceland's gross domestic product.

When the banking system in Iceland was over, the Netherlands and Britain demanded that the Icelandic government to pay all foreign depositors' losses.

The Icelandic government was forced to sign an agreement to borrow 3.88 billion euros (over 30 billion Norwegian kroner) - just from the Netherlands and UK- to pay Icesave depositors back.

The agreement was rejected by parliament and then President of Iceland and referendums in several rounds.

ESA: 26 May 2010 came the EFTA Surveillance Authority concluded that the EEA Agreement obliges Island to fork out.

Stood against: 2 May 2011, the Icelandic government answered ESA initiatives. Iceland rejected ESA claims.

ESA return fire: 10 June 2011 ESA issued its final decision that Iceland must pay Icesave depositors. Thus, it was up to the Icelanders to bend or be drawn to the Court. Iceland chose to stay the course.

28. January 2013 fell verdict of the Court, Iceland won.

The article comes from here, originally in norwegian, much longer article, translated by google.

[AqD]

Why should they pay for anyway?

[Kjertesvein]

Let me try again, for all people who are not from Norway, here is NYTIMES.

Monday’s court ruling in Luxembourg is a significant victory for Iceland. Unlike Ireland, Iceland declined to use taxpayer money to bail out foreign bondholders and depositors. This set off a bitter dispute with Britain, which used antiterrorism rules to take control of assets held in Britain by Icesave’s parent, Landsbanki.

~Wille

[OCWife]

This is why every nation needs a large standing army.

[Colonel Dax]

This is why every nation needs a large standing army.

Who needs a standing army when you have...

Spoiler Alert, click show to read: 

The Lord of Debts?

[Basil II the B.S]

Greece should do the same. Let the state go bankrupt and Franco-German banks follow. The sooner the financial sector is tore apart, the better.
Hardly surprising that Gordon Brown protected his beloved leechers.

[Stavroforos]

Good for them. Greece should have done this at the beginning too, though it's too late now.

[Timoleon of Korinthos]

Wait, in Greece the opposite happened, it wasn't the banks that went or would go bankrupt and drag the state down in the mud, it was the state that went bankrupt and dragged the banks with it because they all were major bondholders.

[Slaytaninc]

Wait, in Greece the opposite happened, it wasn't the banks that went or would go bankrupt and drag the state down in the mud, it was the state that went bankrupt and dragged the banks with it because they all were major bondholders.

This is the Mudpit, those pesky things called 'facts' are irrelevant.

So Iceland's taxpayers will not pay. Perhaps no one will.

That doesn't mean there won't be consequences. Is there anyone here who understands international banking, and can point them out?

[Denny Crane!]

Irresponsible lending to the greek state?? Yeah greek banks and any involved should sink to. Everyone let it go to far now we are desperately trying to avoid the consequences that have to happen.

[The Kybrothilian]

Good job from Icelanders. My own countrymen really need to stop doing the same. Especially since it's the banks in foreign countries we're throwing money to.

[NotYetRegistered]

So who's going to pay?

[Raubritter]

So who's going to pay?

No one, the credits are gone. Bad investments happen from time to time.

[Menelik_I]

No one, the credits are gone. Bad investments happen from time to time.

Pretty much my reaction, shove your debt titles in your pie hole dear Britishers and have some tea with it.

[Dr. Croccer]

So... an Icelandic bank lies to foreigners, goes belly-up and gets nationalized by the Icelandic state, and somehow Iceland isn't responsible for the fact that such a huge scandal slipped under their noses or for what remains of Icesave's money that should be returned to the people it stole it from?

This isn't fixing the global economy, this just s it up further. How are people supposed to have faith in the global financial system when banks can freely swindle tens of thousands and get away with it and the only solution is to ignore it?

Doing the best for your own people is one thing, but ignoring theft so you don't have to pay anything in reparations isn't good for future business.

[Denny Crane!]

So... an Icelandic bank lies to foreigners, goes belly-up and gets nationalized by the Icelandic state, and somehow Iceland isn't responsible for the fact that such a huge scandal slipped under their noses or for what remains of Icesave's money that should be returned to the people it stole it from?

This isn't fixing the global economy, this just s it up further. How are people supposed to have faith in the global financial system when banks can freely swindle tens of thousands and get away with it and the only solution is to ignore it?

Doing the best for your own people is one thing, but ignoring theft so you don't have to pay anything in reparations isn't good for future business.

The taxpayers didn't do it why on earth should the taxpayers be responsible for the actions of big corporate entities?

[IrishBlood]

The taxpayers didn't do it why on earth should the taxpayers be responsible for the actions of big corporate entities?

Exactly, just because the government takes over the bank, it doesnt mean the people should have to pick up the tab.

[Denny Crane!]

So who's going to pay?

Less smart taxpayers and less smart governments

[Stavroforos]

Someone who wasn't me said Britishers!

[Sir Pignans]

It was just a speed issue. We wanted our money back quickly, they wanted to pay it back gradually. They now get to pay it back on their own terms. Seems fair enough to me.