Wednesday, March 17, 2010
"Icelanders roundly rejected a deal to repay the UK and the Netherlands E3.9 billion ($5.3 billion) lost in the collapse of an Icelandic Internet bank, complicated the island's bid to access badly needed international aid funding and normalize its relations with the rest of the world. ... It was Iceland's first plebecite since the island's independence from Denmark in 1944. ... The government of Prime Minister Johanna Sigurdardottir has labored for the better part of a year to get a bill through a hesitant parliament, arguing that Iceland desperately needs money from an International Monetary Fund-led bailout program. ... After those talks ended Froday with no resolution, Ms. Sigurdardottir even encouraged citizens not the vote, hoping to blunt the referendum's effect with low turnout. ... A deal agreed by Iceland's parliament in December, under which Iceland would pay back the money over 15 years but wouldn't have to make payments for the first seven, was vetoed by the island's president, Olafur Ragnar Grimsson. In a rare display of power from a normally ceremonial post, he cited mass dissatisfaction for his veto, which led to the referndum. ... Many Icelanders are angry at the giant burden placed on them to clean up a mess widely seen as the fault of greedy, high-flying bankers", my emphasis, Charles Forelle at the WSJ, 8 March 2010, link:
Good show Iceland. Will Iceland's government ignore the will of 93% of Iceland's voters? What percentage of Americans would rather see our banksters hung than bailed out? Why does Iceland need IMF aid? Is Iceland AIG, passing through $13 billion to the Vampire Squid? If the UK and the Netherlands don't like Iceland's vote, let them invade or shut up.