Iceland tells UK where to go

Discussion in 'Current Affairs, News and Analysis' started by dangerousdave, Mar 6, 2010.

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  1. Well that's the last time i'm shopping in Iceland :wink:

    Iceland Rejects Icesave Bank Payback Plan
    Icelanders have rejected a plan to pay back the British Government for money it lost over the collapse of the Icesave bank in 2008.
    Over 93% percent of voters cast ballots opposing the £3.5bn deal to compensate the British and the Dutch state.

    Both nations reimbursed citizens who lost money when the online bank folded.

    "This result is no surprise," Prime Minister Johanna Sigurdardottir said.

    "Now we must turn to the task of finishing the negotiations on Icesave."

    The propsed deal would require each person to pay around £90 a month for eight years, and many Icelandic taxpayers say they cannot afford it.

    However, the rejection of the deal could jeopardise Iceland's credit ratings, making it harder to access much-needed funding to fuel an economic recovery.

    It was unclear how many of the 230,000 registered voters cast a ballot, but public television reported a turnout rate of around 55% an hour before polls closed.

    More follows...

    http://news.sky.com/skynews/Home/Business/Iceland-Rejects-Plan-To-Pay-Back-Britain-Over-Icesave-Losses/Article/201003115568643?lpos=Business_Carousel_Region_0&lid=ARTICLE_15568643_Iceland_Rejects_Plan_To_Pay_Back_Britain_Over_Icesave_Losses
     
  2. Should be able to get some cheap holliday homes there,just like the states and Greece
     
  3. mercurydancer

    mercurydancer LE Book Reviewer

    Which citizen would vote for such a thing? I wouldnt. SO in that I dont blame the Icelandic people but the Iceclandic government and banks bear the responsibility or face credit rating being that of Zimbabwe. They got involved in a credit boom that the politicians could not understand the banks got hammered when the crunch hit. They made bad decisins and they have themselves to get out of it.
     
  4. I am not sure why the Icelanders hate Britain so much over this fiasco. What has Brown done this time to fvck up another situation and turn another nation against us?
     
  5. the_boy_syrup

    the_boy_syrup LE Book Reviewer

    Didn't we use anti terror laws to freeze Icelandic assets?

    Why should the Icelandic people compensate foreingers who had placed money in their banks in an effort to make a profit due to better rates of interest?

    Sick of hearing people whinging about how they lost ought trying to make a quick quid and so the Govermenty or someone must compensate them
     
  6. I'm afraid I'm with the Iclandic peole on this one. Seeing as I had no savings in Iceland its easy for me to say!
    Why should the public in Iceland have to spend the next 8 years paying for the collapse of the banks there?
    At least their government has given them a choice, ours has just plundered our wallets on the quiet. If I was Icelandic I wouldn't feel obliged to pay foreign savers back either.
     
  7. They were deposit accounts and the Icelandic banks were selling (and telling) porkies about their ability to sustain the interest rates and deposits they were taking. Fraud sanctioned at a national government IMO.

    Maybe we should take a lead from Iceland when other countries want the debts we have with them paid off - we should just tell them to get stuffed and cite Iceland as the international precedent. :twisted:
    I think Iceland should pay us back in geothermal power - and a bit of cod too
     
  8. I didn't feel obliged to support the collapsing banking system in this country (or elsewhere for that matter). However, if this hadn't been done then we could have virtually guaranteed that the pound would have been as welcome around the world as a dogsh1t sandwich at a wedding and worth about as much too.

    The Icelandic banks will struggle on the international markets because they will have such a poor credit rating. No-one with any sense would either deposit money there or lend them money because they hav proven that they do not honour their debts.

    It's the equivalent of lending a mate some money, them not paying it back and then sticking two fingers up and telling you to sod off when you ask them about it. No chance of them ever seeing another penny out of you (unless you're a complete mug who likes giving money away to cnuts).

    Whatever financial ties we have with Iceland should be permanently cut.
     
  9. Seconded.
     
  10. The point is that it is the Icelandic people who have been asked to pay it back.
    They didn't take the money and they didn't take the profits when times where good. Its the responsiblity of the banking industry and not the liablity of the individual citizen.

    I fully agree with the Icelandic referendum results, if it was me voting I would have voted exactly the same. Why should the individual Icelandic citizen be responsible for the mistakes of banks?
     
  11. £90 per month for 8 years is a LOT of money for an average family, I certainly couldn't afford it so i don't blame them. The people of Iceland didn't cause the bank collapse, why should they have to pay for it?
     
  12. Exactly!
     
  13. And the same argument applies to us in the UK too - and we are paying way more than £90 a month each (if you look at what is taken from our gross income) and will be for a very long time. At least the people of Iceland were given a choice.
     
  14. Precisely, and do you think the British public would have voted any differently given the same choice?
     
  15. If I had a letter through the door telling me I owed a foriegn country 10.000 groats, my reply would be a swift F..K Off too!
    Bankers greed, investor's greed and Government corruption, simple!. How many ordinary people have an Icelandic bank account! How many ordinary Joe's know were Iceland is on the map. My poor old Ma thought it was the place were you could get 50 fish fingers for a pound, British education, the best in the world!
    Investment is a gamble and you lost, that goes for the Cloggies too! Why should the Icelandic taxpayer fork out. We could declare war or fight over Cod. Oh! Hang about, the Navy has been mothballed due to lack of Military Funding
    P.S
    I lost 50 Dollars on Bubiyan Island in 03, does that mean I have an offshore Account :D