Bloomdido Posted August 28, 2011 Share Posted August 28, 2011 The collapse of the three main banks in Iceland in 2008 resulted in measures that would require each person to pay 130 euros a month towards the debt incurred by private financial institutions. The people refused and the IMF and the UK threatened them to try and make them conform. it would seem that this story, that ended with a re-writing of their constitution, is not widely reported because it went against the bailing out of the banks with revenue raised from citizens. Did you know about it? Link to comment Share on other sites More sharing options...
Badlittlepup Posted August 28, 2011 Share Posted August 28, 2011 No. What they did was steal money off the UK and the Netherlands. We bailed them out with a loan of government funds, otherwise known as money ordinary people bust their backs to earn. And they decided not to pay it back via means of a referendum. Because of course if you ask people whether or not they will willingly pay back a debt if they don't have to they will always pay it back. It's still not been resolved and is going through the courts. It's basically nationalised theft, and like every other western country they were quite happy to take all the spoils when everything was going well but weren't prepared to take the consequences of their greediness. I sincerely hope when we go into a double dip they struggle again because nobody is going to bail them out. The lot of them deserve to go to the wall and I hope they do. Link to comment Share on other sites More sharing options...
I1L2T3 Posted August 28, 2011 Share Posted August 28, 2011 No. What they did was steal money off the UK and the Netherlands. We bailed them out with a loan of government funds, otherwise known as money ordinary people bust their backs to earn. And they decided not to pay it back via means of a referendum. Because of course if you ask people whether or not they will willingly pay back a debt if they don't have to they will always pay it back. It's still not been resolved and is going through the courts. It's basically nationalised theft, and like every other western country they were quite happy to take all the spoils when everything was going well but weren't prepared to take the consequences of their greediness. I sincerely hope when we go into a double dip they struggle again because nobody is going to bail them out. The lot of them deserve to go to the wall and I hope they do. The people of Iceland didn't realise what was happening at the elite levels of politics, business and society. They found out when their economy collapsed. The referendum was an opportunity to choose not to play the game any more. The people chose very wisely IMO. We have the same classes of corrupt elites running our country now. We get them whatever party is in power and we have no choice but to endure it. At least the Icelandic people had a chance to give the rods to the corrupt politicians, bankers and media. Sure, it's tough for UK institutions that have lost money (but where was the due diligence investing in Iceland in the first place) but the bottom line is they will be losing a lot more anyway as more banks inevitably collapse across Europe. Individuals who lost money can only blame themselves - Icesave for example never claimed to have any more than the same level of protection as the FSA scheme and although it wasn't actually in the FSA scheme the UK government stepped in to provide equivalent protection when Landsbanki went down. Put simply the Icelandic people never stole anything. Their corrupt elites did the stealing and they are being called to account by the Icelandic electorate. Link to comment Share on other sites More sharing options...
Mikes10 Posted August 29, 2011 Share Posted August 29, 2011 You seem to forget the UK government bailed-out private UK investors in Iceland (Icesave) with UK taxpayers money. If you were a saver in Iceland than you woud be pleased the UK came to your aid and guarentee your savings, however why should the UK taxpayer bail-out overseas banks for people who wanted a riskier savings scheme with the reward of a higher percentage return? The UK government loaned over £2 billion, and Iceland said thanks but we ain't paying you back. Link to comment Share on other sites More sharing options...
taxman Posted August 29, 2011 Share Posted August 29, 2011 You seem to forget the UK government bailed-out private UK investors in Iceland (Icesave) with UK taxpayers money. If you were a saver in Iceland than you woud be pleased the UK came to your aid and guarentee your savings, however why should the UK taxpayer bail-out overseas banks for people who wanted a riskier savings scheme with the reward of a higher percentage return? The UK government loaned over £2 billion, and Iceland said thanks but we ain't paying you back. For that matter why should Iceland's taxpayers bail them out either? Link to comment Share on other sites More sharing options...
I1L2T3 Posted August 29, 2011 Share Posted August 29, 2011 You seem to forget the UK government bailed-out private UK investors in Iceland (Icesave) with UK taxpayers money. If you were a saver in Iceland than you woud be pleased the UK came to your aid and guarentee your savings, however why should the UK taxpayer bail-out overseas banks for people who wanted a riskier savings scheme with the reward of a higher percentage return? The UK government loaned over £2 billion, and Iceland said thanks but we ain't paying you back. The Icelandic government didn't force the UK government to bail out Icesave savers but given the scale of the bailout for our private banks (hundreds of billions) it's perhaps a bit churlish to be moaning about a £2bn bailout for UK citizens. I share the sentiment that what happened is not ideal. There just isn't an easy solution to it. Link to comment Share on other sites More sharing options...
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