By Bill Wilson – Iceland is cost-free. And it will remain so, so extended as her folks would like to continue to be autonomous of the international domination of her would-be masters — in this scenario, international bankers.
On April 9, the fiercely independent folks of island-nation defeated a referendum that would have bailed out the United kingdom and the Netherlands who had covered the deposits of British and Dutch investors who had lost money in Icesave bank in 2008.
At the time of the bank’s failure, Iceland refused to address the losses. But the United kingdom and Netherlands even so have demanded that Iceland repay them for the “loan” as a problem for admission into the European Union.
In response, the Icelandic people have instructed Europe to go pound sand. The final vote was 103,207 to 69,462, or fifty eight.9 % to 39.7 p.c. “Taxpayers really should not be accountable for paying the debts of a private institution,” mentioned Sigriur Andersen, a spokeswoman for the Guidance group that opposed the bailout.
A comparable referendum in 2009 on the problem, even though with harsher terms, located ninety three.2 % of the Icelandic electorate rejecting a proposal to promise the deposits of international traders who had cash in the Icelandic lender. The referendum was invoked when President Olafur Ragnur Grimmson vetoed legislation the Althingi, Iceland’s parliament, had handed to pay out back the British and Dutch.
Under the terms and conditions of the agreement, Iceland would have had to pay out ٠.35 billion to the United kingdom, and .32 billion to the Netherlands by 2046 at a 3 % interest rate. Its rejection for the 2nd time by Iceland is a testament to its men and women, who experience they really should bear no duty for the losses of foreigners endured in the economic crisis.
That opposition to bailouts led to Iceland’s selection to permit the financial institution to fail in 2008. Not that the taxpayers there could have afforded to. As noted by Bloomberg Information, at the time the crisis strike in 2008, “the banking companies had debts equal to 10 times Iceland’s $twelve billion GDP ( via netrightdaily.com ).