Iceland refuses to honour international agreements

[dealmaker]

Quote from luisHK:

Didn't Icelands itself quit the negociation table about entering the EU ? I think it's in one of the above links.

If I remember properly, despite the banking crisis, Icelanders enjoy about the 4th highest purchasing power of all nationalities, they had the highest before the crisis. They already belong to Shenghen and have probably little to gain joining the EU - similarly to Switzerland and Norway, other very succesful european countries which joined Shenghen but not the EU.

Also it makes much sense that investors or customers in a company (bank) lose money when it goes bankrupt rather than people unrelated to it (taxpayers).

Reykjavik itself is less interesting than other scandinavian capitals, but other parts of the country, including its culture, are quite impressive. Curious to see wether more chinese move in and the country tampers the tax hikes which came after the crisis, would like very much to spend a couple of years there.

Doesn't the government of Iceland i.e. central bank, bear some responsibility especially since the banks were not too big to fail? Thye were the supervisor. In case of Iceland mom & pop British & Dutch depositors got screwed, we are not talking about shareholders or bond holders. Iceland only stopped negotiating after they were told that unless depositors were made whole it was no go.
I agree with the notion that banks shouldn't be too big to fail but, you can't make some depositors whole ( Icelanders) and not others. If there is not enough to pay all, divide the money amongst all depositors.

 

[dealmaker]

Quote from d08:

You have it backwards, you have to lure successful countries to join the EU.
Iceland has a lot to lose with getting EU fishing quotas and little to gain by receiving some currency stability (if the euro survives!).

Agreed but nevertheless at the begining of the Credit Crisis ( pre-2010) when US and Icelandic banks were in trouble and Europe by comparison seemed stable they did, try to get in EU but were blocked by UK & Netherlands.



ps I agree with Iceland letting the banks go, my point is you can't make some depositors whole i.e. Icelanders and not others if, they did not have enough to pay all then they should have divided the amount amongst all depositors.

 

[Gizzz]

Quote from dealmaker:

Agreed but nevertheless at the begining of the Credit Crisis ( pre-2010) when US and Icelandic banks were in trouble and Europe by comparison seemed stable they did, try to get in EU but were blocked by UK & Netherlands.



ps I agree with Iceland letting the banks go, my point is you can't make some depositors whole i.e. Icelanders and not others if, they did not have enough to pay all then they should have divided the amount amongst all depositors.

ISK lost 50% of its value, can't call that whole. Icelanders with deposits in the UK & NL branches lost, just like the natives. UK and NL citizens with deposits in Icelandic banks were treated just like Icelanders. Iceland can't print EUR or GBP.

 

[zdreg]

Quote from dealmaker:

Agreed but nevertheless at the begining of the Credit Crisis ( pre-2010) when US and Icelandic banks were in trouble and Europe by comparison seemed stable they did, try to get in EU but were blocked by UK & Netherlands.



ps I agree with Iceland letting the banks go, my point is you can't make some depositors whole i.e. Icelanders and not others if, they did not have enough to pay all then they should have divided the amount amongst all depositors.

"you can't" what kind of nonsensical remark is that. you protect your own first and screw everybody else if necessary.
incredible that you repeated a prima face incorrect remark twice..

 

[ammo]

Quote from achilles28:

Agreed. How is that not one employee at HSBC, who laundered over 1 Billion for Mexican drug cartels, has been arrested? Not one. Instead, the regulators imposed a fine of a few hundred million dollars. Fraud had run amok in mortgage underwriting pre-crash (ninja loans etc), yet again, not one person arrested.

It seems the safest way to perpetrate crime in America - do it under the Corporate veil. Then somehow, in some way, accountability no longer exists. Sure the Corporation might get fined, but it's usually far less than the proceeds of the crime. If not, the Corp. can always file for bankruptcy. Win-win.

Everyone is on the take.
http://nyulocal.com/national/2013/04/15/congress-quietly-repeals-congressional-insider-trading-ban/

i dont watch cnbc but i doubt that story was on the air,dc is like a crooked sherriff b movie

 

[dealmaker]

Quote from Gizzz:

ISK lost 50% of its value, can't call that whole. Icelanders with deposits in the UK & NL branches lost, just like the natives. UK and NL citizens with deposits in Icelandic banks were treated just like Icelanders. Iceland can't print EUR or GBP.

Did you think Brits & Dutch were going to have their accounts in Reykjavik? Truth is after they paid the Icelanders they ran out of money and said hell with the others. Iceland officials knew how much money they had and how many depositors there were.

 

[dealmaker]

Quote from zdreg:

"you can't" what kind of nonsensical remark is that. you protect your own first and screw everybody else if necessary.
incredible that you repeated a prima face incorrect remark twice..

This was a credit crisis not a political crisis, there was no reason to discriminate amongst the depositors, otherwise universal banking rules like Basel III can never be enforced.

 

[Gizzz]

Quote from dealmaker:

Did you think Brits & Dutch were going to have their accounts in Reykjavik? Truth is after they paid the Icelanders they ran out of money and said hell with the others. Iceland officials knew how much money they had and how many depositors there were.

Icelandic Gov did not pay anybody! They just said ISK deposits in Icelandic banks are safe. At the same time currency conversion restrictions were imposed.

Go figure..

 

[luisHK]

Quote from zdreg:

http://www.infowars.com/why-iceland-should-be-in-the-news-but-is-not/

Interesting piece but even to outsiders some of it doesn't look very serious, below is a reply from icelandic journalists :

http://grapevine.is/Features/ReadArticle/A-Deconstruction-of-Icelands-Ongoing-Revolution

Anyone noticed Icelandic government is trying to ban internet porn after printed porn and titties bars have already been banned ?

I wonder which of Sweden or Iceland will be the first country to deem all sexual contacts between men and women but cunni lingus shameful exploitation of women and illegal ?!?

I worry more about Sweden though, where gender issues seem already out of control.

 

[Gizzz]

Quote from luisHK:
Anyone noticed Icelandic government is trying to ban internet porn after printed porn and titties bars have already been banned ?

The populace of Iceland will select new representatives in parliament in a week's time.

The MP in question may have destroyed his small, left-wing political party.