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Thread: Icelanders Reject Debt Repayment Plan

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    Icelanders Reject Debt Repayment Plan

    Economic and political chaos feared as voters turn down a plan to repay debts to UK and Netherlands from a bank crash.

    Voters in Iceland have rejected--for the second time-- a plan to repay debts to Britain and the Netherlands from a bank crash, partial referendum results showed.

    Johanna Sigurdardottir, Iceland's prime minister, said economic and political chaos could follow, after near-complete results were quoted on Sunday by RUV public radio.

    "The worst option was chosen. The vote has split the nation in two," the premier told state television, saying it was fairly clear the "no" side had won.

    Icelanders say citizens should not bail out irresponsible bankers who were blamed for the collapse of the Icesave bank and the loss of hundreds of millions of dollars.

    With around 85,000 votes in the referendum counted, official figures showed 58 per cent had voted against the plan compared with 42 per cent in favour, the television said.

    Iceland has 230,000 voters but the turnout was not immediately available.

    The prime minister, who had predicted that a no vote would cause economic uncertainty for at least a year or two, did not say whether her centre-left coalition government planned to resign.

    "We must do all we can to prevent political and economic chaos as a result of this outcome," she said.

    The debt was incurred when Britain and the Netherlands compensated their nationals who lost savings in online Icesave accounts owned by Landsbanki, one of three Icelandic banks that collapsed in late 2008.

    Icelandic lawmakers in February backed the repayment plan agreed with creditors in December, but the president refused to sign the bill, triggering the referendum.

    In March 2010, Icelanders rejected an earlier Icesave repayment blueprint in a referendum.

    The "no" side warned that the agreement would put "an incredible financial burden on Icelanders", insisting "there never was any legal obligation for Icelandic citizens to shoulder the losses of a private bank."

    "I know this will probably hurt us internationally, but it is worth taking a stand," Thorgerdun Asgeirsdottir, a 28-year-old barista said after casting a "no" vote at the Reykjavik city hall.

    Svanhvit Ingibergs, 33, who works at a rest home, said: "I had no part in causing those debts, and I don't want our children to risk having to pay them. It would be better to settle this in a court."

    The dispute over repayment has soured relations between the small North Atlantic island nation and the two other countries.

    'End of the road'

    It may now be solved in a European court rather than in bilateral talks, a solution that may take several years and that some economists say that it would be much costlier.

    "It is clear that we have reached the end of the negotiation road," Steingrimur Sigfusson, Iceland's finance minister told television.

    Sigurdardottir said Iceland would now defend its case before the court of the European trade body overseeing Iceland's cooperation with the EU, the EFTA Surveillance Authority (ESA).

    In a first stage in legal proceedings last year, ESA said that Iceland should pay compensation to Icesave depositors.

    Danny Alexander, Britain's chief secretary to the treasury said on Sunday he was disappointed that Icelanders had again rejected an "Icesave" debt deal.

    "It is obviously disappointing that it seems that the people of Iceland have rejected what was a negotiated settlement," Alexander told BBC television.

    "Of course we respect the will of the Icelandic people in this matter and we are going to have to now go and talk to the international partners with whom we work, not least the government of the Netherlands.

    "It now looks like this process will end up in the courts," he said.

    Policymakers and economists have said solving the Icesave issue would help Iceland, whose economy fell into deep recession after its banks failed, get back into foreign credit markets to fund itself.

    That is a condition for it to remove controls on capital flows it imposed in 2008 to stabilise a tumbling currency.

    The controls have left an estimated equivalent to a quarter of Iceland's gross domestic product in the hands of foreign investors, many of whom are expected to want to pull out when controls are lifted.

    Ratings agencies follow the vote closely. Moody's has said it may lower its credit rating on Iceland in case of a "no".
    Source http://english.aljazeera.net/news/eu...711706711.html

    UK and Netherlands will sue

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    Eala Freia Fresena
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    Good decision.

    The corrupt EU judges will make their decision in favor to pay back some jews, that will turn off Icelanders from the EU, which might result in them leaving.

    I guess the Icelanders set a strong point from where they will logically proceed to more freedoms, (which might cost them though, but in the decision to have money and be a slave or have freedom there is no real decision)
    weel nich will dieken dej mot wieken

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    Senior Member The Aesthete's Avatar
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    Great decision

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    These are fantastic news, they prove that the people are able to make wiser decisions than their often traiterous politicians. But we aren´t being asked on such matters at all, just look at the EU rescue parachute.

    "Judge of your natural character by what you do in your dreams" - Ralph Waldo Emerson

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    Senior Member Linda Trostenhatten's Avatar
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    horrible title for this thread


    the icelanders of course entirely reject that there was any state garantee on the banks and therefore refuse to take over the failed bank's debts.

    IOW not simple case of debt repayment

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    I predict that Iceland will be subject to some machination of the ruling Jewish bankers that will leave her no choice than to submit to these parasites in the not to distant future.

    Ireland for example, initially rejected the Lisburn treaty, so right away her previously strong economy was collapsed leaving the Irish with no option than to vote "yes" when "they" had a rerun the following year.

    Iceland lives in a volcanic area, look what has happened to Japan, Japan who is well aware of and against the aims of globalisation due to The Protocols of Zion being on thier best seller list, the Israeli Stuxnet computer worm (http://www.theaustralian.com.au/news...-1225989304785 has been found at the Fukushima nuclear power plant whose security, as allways, was run by an Israeli security company, and if Nikola Tesla claimed to have the technology to trigger earthquakes 100 years ago, you can be sure they certainly can by now.

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    Senior Member velvet's Avatar
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    I have always wondered why the Netherlands and Britain compensated the losses. It's not that these countries would have offered the accounts, it's the risk of private people investing in private banks - in online banks....

    This is quite a fishy stunt methinks. I dont think that this generated a legal right to have the (private) Icelanders pay back this money.
    Ein Leben ist nichts, deine Sprosse sind alles
    Aller Sturm nimmt nichts, weil dein Wurzelgriff zu stark ist
    und endet meine Frist, weiss ich dass du noch da bist
    Gefürchtet von der Zeit, mein Baum, mein Stamm in Ewigkeit

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    Hundhedensk "Friend of Germanics"
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    Quote Originally Posted by velvet View Post
    I have always wondered why the Netherlands and Britain compensated the losses. It's not that these countries would have offered the accounts, it's the risk of private people investing in private banks - in online banks....

    This is quite a fishy stunt methinks. I dont think that this generated a legal right to have the (private) Icelanders pay back this money.
    Iceland bank's paid back what their own citizens lost, and according to treaties they have agreed the banks there have to treat every person that has banking there the same. So many people are upset that they would pay back to their own, but not hold their promises to pay back to the foreigners.

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    Senior Member The Aesthete's Avatar
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    They should look after their own people first

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    Senior Member velvet's Avatar
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    Quote Originally Posted by Hersir
    Iceland bank's paid back what their own citizens lost, and according to treaties they have agreed the banks there have to treat every person that has banking there the same. So many people are upset that they would pay back to their own, but not hold their promises to pay back to the foreigners.
    But how does that generate a right to demand this money from the Icelandic people? Why dont they sue the banks?

    Instead this is used to whip Iceland into proper shape (aka dependency on foreign credits and surrender to the global finance terror system) for their EU membership.

    The way this is formulated in the news sounds as if only a massively indebted Icelandic population will be accepted into EU. But when I remember right, the Icelanders dont even want to be members... and rightly so.
    Ein Leben ist nichts, deine Sprosse sind alles
    Aller Sturm nimmt nichts, weil dein Wurzelgriff zu stark ist
    und endet meine Frist, weiss ich dass du noch da bist
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