Iceland rejects repayment deal again

By EmmaZahn on Sun, 04/10/2011 - 11:31am |

Iceland's taxpayers are balking at bailing out their own idiot bank, Landsbanki, and who can blame them?

Britain and the Netherlands decide to compensate their own bankers for losses on investments in Landbanki's paper and now want Iceland's 230,000 eligible voters to reimburse them by taking on around $25,000 in debt each?

Talk about chutzpah!

URL:

http://www.independent.co.uk/news/world/europe/iceland-rejects-repayment-deal-again-2265960.html

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Interesting political fact included with the article: the referendum was triggered when Iceland's President refused to sign a bill passed by the Legislature.

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

Not a big fan of referendums but this makes me think they may be useful in settling some political stalemates.

by EmmaZahn on Sun, 04/10/2011 - 11:36am

The Netherlands I can understand. Despite their current history of progressiveness, they also invented capitalistic avarice.

by cmaukonen on Sun, 04/10/2011 - 12:37pm

That is one way of looking at it. :D

The Netherlands and their cross channel relations in Britain got a head start on everyone else in trading, privateering and incorporating. I read somewhere that a pirate ship's crew often had contracts specifying how the spoils would be divided.

by EmmaZahn on Sun, 04/10/2011 - 1:15pm

And there were probably investors that own stock in the whole thing as well.

by cmaukonen on Sun, 04/10/2011 - 3:31pm

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