Iceland tells UK where to go

#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/Bu..._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
 

mercurydancer

LE
Book Reviewer
#3
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?
 

the_boy_syrup

LE
Book Reviewer
#5
lsquared said:
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?
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
the_boy_syrup said:
lsquared said:
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?
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
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
jagman said:
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.
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
Travis_Bickle said:
jagman said:
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.
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.
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
bigbird67 said:
£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?
Exactly!
 
#13
bigbird67 said:
£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?
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
FARMBOY said:
bigbird67 said:
£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?
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.
Precisely, and do you think the British public would have voted any differently given the same choice?
 
T

taffy01

Guest
#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
 
#16
bigbird67 said:
FARMBOY said:
bigbird67 said:
£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?
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.
Precisely, and do you think the British public would have voted any differently given the same choice?
No, however the are the Icelandic government going to hide behind their people or man up and admit that they can either formulate a plan to pay back the money or face International pariah status in terms of investment for some time?
Just because the Icelandic people have voted to say "not in our name" does not negate the fiscal crime carried out by their leaders. I feel sorry for the average Joe in Iceland but as with us in the UK - somethimes you get the Govt you deserve.
 
#17
jagman said:
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.
Yes. The Icelandic Government guaranteed €20,000 of deposits, as required by EU rules. And that should be paid - by them.

What this is about is that McRuin and his pet Badger unilaterally decided that not only were deposits to be guaranteed up to UK Financial Services Compensation Scheme limits - £50,000 - but over and above that too. And the people of Iceland would have to foot the bill because they are terrorists.

It is not about the morals of bank deposit protection, it is about whether our "glorious leader who has never denied the armed forces anything they've asked for" (remember when we were asking for a full-time Secretary of State?) should be allowed to f^ck up Iceland the same way he is no-lube sodomising this country.

Don't worry - we will get a choice - not the many we should have - but no later than June 6th. Make sure you choose sensibly.
 
#18
FARMBOY said:
No, however the are the Icelandic government going to hide behind their people or man up and admit that they can either formulate a plan to pay back the money or face International pariah status in terms of investment for some time?
Banks collapsed. They were part of the Icelandic Bank insurance scheme - which was operating to EU rules. Compensation should be paid under the rules of that scheme, not under a set of rules engineered for the political benefit of the UK Labour Party, props Mr G ("I saved the World") Brown and Lord (and Master of everything) Meddlesome.

Who forced you to put your money into an Icelandic bank? The Icelandic Government at gun-point was it?
 

the_boy_syrup

LE
Book Reviewer
#19
FARMBOY said:
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.
Didn't the UK Goverment back these accounts though as a lot of Councils were caught out by the collapse?

As I understand it the UK Goverment has already sparked out the cash in compensation to people who lost out they are trying to get that money back from the Icelanders

Makes you wonder what the UK Goverment knew about UK banks when they were advising Councils to look abroad to deposit money
 
#20
Why shouldn't the Icelanding Government bail out the debts of its national banks? It was taking the taxes generated by them during the good times.

For the Icelandic banking system to have any credibility in the eyes of other nations around the world, their government needs to underwrite their debts.

I am no fan of this government (as you will be abe to read in my posts on other threads) but I think that the right choice was made in order to stop the banks collapsing. However, I think that as major shareholders in the bailed out banks, we should have a say in how they are run. No bonuses until all public money is repaid and proportionate dividends being returned to the taxpayer for instance.
 

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