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http://www.upworthy.com/bail-out-the-ba ... ?g=3&c=cd1

We went a different path against the recession here in Iceland then in US and Europe.

cheers.
Pablo will read later.

@Dubby, not read; watch and listen.

@Kj, told. you. so.

[KMA]Avenger would be pleased to see that happening in the UK.

ok its only just reaching my FB now and I'm not usually into Politics etc..

but also an interesting newsclip ..

[youtube]8-SiYQ8s_6I[/youtube]

Yeah...thanks for refusing to repay the £2.3b we lent your.

Really helped when we had to make enormous cuts to our public sectors.

Yes there is another way, there is also the sociably correct way!

Why should we be responsible for a handful of bankers? Just because they are Icelandic? Are you gonna pay debts for British Citizens living in other countries? Don't believe the biased news-stations in your country.

It's not our fault they got away with it in UK and Netherlands.

All of our outside experts that we've hired (international lawyers such as Eva Jolie) say that we shouldn't pay a single dime. It's not our responsibility.

You did not lend us anything btw. Scandinavia has come to our aid. Not the UK, they've only been trying to bully us. Putting the focus of the media on Iceland instead of the BS that's going on behind closed curtains in UK.

There is, of course, another aspect. A tricky situation arose when the U.K. and Holland demanded money for their citizens' depleted Icesave accounts, and Iceland refused. The incident sparked a major diplomatic scuffle, with Iceland refusing to pay out and the U.K. even using "anti-terrorism legislation" against the state.

The decision was hugely controversial, and remains a sore spot in relations. For him, it was a matter of history. "What is our primary legacy to countries and nations in modern times?" He says, "Europe is and should be more about democracy than about financial markets. Based with this choice, it was in the end, clear that I had to choose democracy."

He also blames the British for their role, specifically Gordon Brown, by whom he believes Iceland is owed an apology. Ólafur likens the situation to the Falklands war, adding it was a "great offense" that "one of the most peace-loving countries in the world, a founding member of NATO, a strong ally of Britain during the Second World War was put together with al-Qaeda and the Taliban on the official list of terrorist organizations."

Iceland essentially had no choice, Ólafur says.

Read more: http://articles.businessinsider.com/201 ... z2A3ofBont

Oh and

The Icesave debts are likely to be settled soon, using money from the estate of Landsbanki. President of Iceland believes that if the U.K. and Holland had waited a while longer there would have been no conflict.

So stuff it where the sun don't shine.

Remember Matt, the same people robbed OUR banks too. If we had repaid UK right away - this little nation (that used to be one of the wealthiest nation ) is broke.

-KJ

As far as I am concerned the writeoff on Icelandic non-payment is marginal, so good for you.
String 'em up!

We refuse to pay the debts of criminals.

But we will string' em up!

I love all bankers.

One cannot possibly think what was done in Iceland could be done in every country around. Many factors should be taken into account, small population, an economy mostly focused on services sector, not many worldwide-large banks,...
What was done in Iceland couldn't be done in industrial/services large populated with worldwide large banks and companies for big nations such as Great Britain, France, Italy, Germany...even countries like Austria, Ireland, Spain or Belgium are in a different situation.

Ok, so I read up on the situation. After you told me to:

Kjarkur wrote:So stuff it where the sun don't shine.

So, fundamentally, people who save with a company which operates in the same way a casino does and your country decides to give aid to the people that are caught up in this fiasco. Ok, fair enough, look after your own. It might have saved you.

The simple matter of fact is, that a lot of UK based people invested and commited to programs that effectively gave us a defecit of £2.3 billion of banking schemes in your country.

Which arguably may have been the catalyst into our own internal problems.

Woo! Go you!

Rub it in my face a little more KJ. Iceland are doing well and the UK less so well. Put it on a multi-national forum KJ! Then tell me to shove it!

Yay!

All this whilst Iceland continues to take advantage of EU sponsorship money even though there seems to be less and less intent of joining the EU.

OH....and you know what you can do with your stupid volcano!

OH....and that repayment, might see it in 20 years time by the way.

So I guess thank you is in order, you have made it clear to me that I should not invest in Iceland for the foreseeable future as there is...another way.

Fair play though, at least someone is doing alright

The bank involved was not a state-owned institute, so in no way can the Icelandic people be held responsible for poor investment choices by some Britons looking for a tax haven. The ones who lost their money were the ones who were trying to duck taxes, i.e. 'steal' from the government's income (nonsense, everyone should be free to park their money where they want, **Filtered** paying taxes)..

If you invest your money in a Ponzi scheme started by an Angolan, you lose it too. You cannot ask the State of Angola to pay you back.. That would be absurd.

Seems as if Iceland have found a loop hole...saying that if this actually happens that they technically do not have to cover this. However, in normal conditions, as agreed by Iceland...they would be accountable.

"Article 4 of the EEA Agreement which prohibits "any discrimination on grounds of nationality",[71] echoing Article 7 of the Treaty of Rome.[72] The contention is that, by guaranteeing deposits at Icelandic branches but not at overseas branches, the Icelandic government is unfairly (or "illegally") favouring Icelanders, be they individuals or corporations. Iceland roundly denies the charge of discrimination."

Fundamentally, the guarantees should have been met, which they were not.

They guarantees were met to Icelandic nationals and not overseas.

Role of the EFTA Surveillance Authority
The EFTA Surveillance Authority ensures that the participating EFTA States Iceland, Liechtenstein and Norway, respect their obligations under the EEA Agreement.

In their evaluation of the ongoing IceSave dispute, the EFTA Surveillance Authority (ESA) decided on 26 May 2010, that the Icelandic government was bound to pay the (minimum) deposit guarantee to all Icesave customers.[78] As the UK and Dutch governments had already paid savers in their countries, Iceland was therefore liable to reimburse these governments. Additionally, EFTA criticised Iceland for the difference in treatment of international and domestic accounts. Iceland was given two months to respond.[79] After initially ignoring the ESA letter, Iceland formally responded on 2 May 2011.[80]

So what has happened, effectively, with the support of finding loopholes is that, an Iceland company who has falsely guaranteed savings because the goverment of that country found a loop hole meaning that they technically do not have to commit to this.

Regardless of being a member of the free trade association and agreeing to compliance of such rules.

Talking about having your cake and eat it.

It's subjective. I believe one side and KJ believes the other side.

One side is asking the other side to shove things where the sun doesn't shine

Read, dear Matt.

The matter is being settled. Iceland is using the state of Landsbanki to pay the Icesave debts. EVEN though we don't have to.

We didn't say we wouldn't pay - we said we wanted to take it to court first to see if it was our responsibility.

That was always the intention - we simply refused to have our tax-payers pay the debts of PRIVATE institutions here and there. We wanted the state of the bank in question to pay for it. Let me remind you a privately owned bank.

We are being more then generous - to a nation that put is in the same group as terrorists that KILL people.

We are a very small, peaceful nation. With very little crime rate. And not even an armed police force. We should have canceled payments from the state of Landsbanki, but we are better then UK so we wont.

Why shouldn't I tell you to shuve it? You are making up false statements about Iceland. The debts WILL be payed for. Every single penny.
But we wont be bullied by UK nor anyone else. Read up on some history look up the Cod war for example, when UK also tried bullying us and we rammed your heavily armed ships with our fishing boats. We don't care how big you are. We bow to nobody.

If it were the other way around, UK would have never payed us unless the EU court would have ordered them to.

-KJ