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92% Of Icelanders Refuse To Pay Debts

From an approving Reuters:

Iceland’s president Olafur Ragnar Grimsson casts his vote at an Alftanes polling station.

Icelanders reject deal to repay British and Dutch

By Wojciech Moskwa Sat Mar 6

REYKJAVIK (Reuters) – Icelandic voters vented their fury on Saturday at the bankers and politicians who ruined the economy, overwhelmingly rejecting a $5 billion deal to repay debts to Britain and the Netherlands.

You see, it was the fault of evil bankers.

The outcome of the referendum had not been in doubt since Iceland had recently been offered better repayment terms than those contained in the deal on which residents were voting.

Still, the scale of the "No" vote testified to the anger Icelanders feel a year-and-a-half after their island’s economic collapse became a symbol of the global financial crisis.

Results from about half of the votes cast showed more than 93 percent opposed the deal and less than 2 percent supported it. The rest of the ballots were blank or invalid.

Iceland now must go back to the negotiating table with the British and Dutch in the hope of striking a new accord swiftly. The longer it takes, the greater Iceland’s financial pain…

Iceland desperately needs to solve the so-called "Icesave" impasse so it can get international aid flowing to its economy, which contracted around 7.7 percent last year and is expected to shrink again in 2010.

The International Monetary Fund and Nordic countries have promised to loan Iceland around $4.5 billion to help it kick-start the economy. But after initial payments, much of the cash is frozen pending resolution of the Icesave debt

The referendum, Iceland’s first since independence from Denmark in 1944, was forced by the refusal of the country’s president to sign a law in January on repayment terms negotiated by the government and approved by parliament…

The debts arose after Iceland’s top banks all failed within days of each other in 2008, weighed down by debt and unable to secure credit during the global financial crunch.

About 400,000 savers in Britain and the Netherlands had deposits with one of the banks in Icesave online deposit accounts. The two countries compensated the savers and since then have demanded their money back

Again, it’s the wicked bankers who are to blame.

Turnout was high despite freezing rain and howling winds — not uncommon for March in a country near the Arctic Circle.

A group of several hundred protesters gathered, saying that Iceland should focus on helping its own citizens get through the crisis before repaying foreign obligations.

"No Icesave. No traitors in power. The nation is innocent," read one banner. "Save our homes instead," read another in a loud protest reminiscent of the "pots and pans revolution" which helped bring down the previous government a year ago…

Mind you, it was only a few months ago that the brilliant Robert Kennedy, Jr. was extolling us to model our economy on the ‘green’ paradise of Iceland.

Come to think of it, maybe we should.

This article was posted by Steve on Sunday, March 7th, 2010. Comments are currently closed.

4 Responses to “92% Of Icelanders Refuse To Pay Debts”

  1. proreason says:

    Another article brought to you by the racists at Reuters.

    How much hate can be heaped on the lilly-white Icelanders? They have no control over the color of their skins. They didn’t ask to be stranded on that god-foresaken island. Isn’t it enough that they should have to suffer in remote isolation? Perhaps they have questionable mental acuity. Perhaps their ankle ligaments give them a genetic edge in ice-skating. Perhaps their fingers are longer than real humans. Perhaps their language is indeciperable to a homo sapien’s ear. Do those insignificant variations in capability justify this vicious racist attack?

    But I don’t doubt for a second that Rev Al will soon be selflessly flying to Iceland to bring attention to this injustice.

    • Liberals Demise says:

      Pro, I served with the U.S.Marine Security Detachment at NAS Keflavik, Iceland in 1974.

      RFK jr. is an idiot and knows nothing about the ‘Land of Fire and Ice’.
      Green Paradise ……. my arse!!

      The Vikings will treat Rev. Sharpton to a live volcano of his choosing. Just to appease Odin.

    • proreason says:

      Did you wear the traditional attire of the white natives when you were there LD?

      And sing some of their primitive mating songs?

      It must have felt good to be among your own kind, even a thuggish, insensitive, ax-wielding, slave-holding, repugnant body-odor kind.

      Surely, you at least wore the antler hats and participated in the native nose rubbing rituals.

  2. artboyusa says:

    Iceland rules! Go Vikings! Imagine if we had their kind of direct democracy,where the people actually get to say what goes, instead of being being in thrall to a corrupt political elite as we are. Now that would really be something…as for the Icelanders “debt”, this was incurred on their behalf and without their consent by their own (now former) Prime Minister and the PMs of Britain and the Netherlands in order to (a) keep Iceland in the good books of the European Union and (b) give the UK and NL governments the opportunity to divert public attention from their own economic failures by pushing some of the blame onto a foreign country. Olderst trick in the book. Gordon Brown; the UK’s one-eyed, nail biting, booger eating and anti-depressant medication guzzling Prime Minister even used emergency anti terrorism legislation to freeze Iceland’s UK assets (which he thinks made him look all big and tough but didn’t go down too well with the freedom loving children of Odin, as this result shows).

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