Iceland refuses to honour international agreements

[SuLHFaTeR]

Quote from MarketMasher:

Yeah - but who is dumber - the guy who was holding a lot of money and handed it over - or the guy who had no money - and took what he was handed?

hehehe

Quote from Roark:

Harsh. Are you just echoing your boss's sentiments, Barrack Obama? I guess he's still upset about the British burning the Whitehouse down during the War of 1812. After the fire, I heard the British were referring to it as the Blackhouse. Seriously, what is Obama's problem with the British? Was it really necessary to return the bust of Winston Churchill?

You know it... try harder... Who should God save in UK ?

 

[Visaria]

Quote from Martinghoul:

The problem with Icesave was precisely that it didn't operate under the full FSCS. Instead, they opted for the 'passport exemption', under the EEA rules.

True.

 

[Debaser82]

Quote from Martinghoul:

The problem with Icesave was precisely that it didn't operate under the full FSCS. Instead, they opted for the 'passport exemption', under the EEA rules.

What do you think will hapen if it comes to a referendum and they vote against it...

 

[Martinghoul]

Quote from Debaser82:
What do you think will hapen if it comes to a referendum and they vote against it...

I have no idea... All I know is that what should happen is the expulsion of Iceland from the EEA.

 

[Visaria]

Countries default all the time. Did Russia ever pay back on their Imperial Bond default in 97-98?

 

[zdreg]

Visaria


Registered: Sep 2004
Posts: 372


New Post 02-21-11 03:37 AM

Quote from T_Geithner:

fuck the Americans, who cares, they deserve whatever hell that descends upon them



Corrected for you.

_______________________________

"a plague on both houses"

 

[Visaria]

haha, ok, fair enough!

 

[Ed Breen]

Iceland is doing better than Ireland presently...at least its GDP is not still declining...so, who got bailed out? The Iceland President didn't approve the deal to pay back U.K. and Netherlands $5B at 3.3% interest starting in 2016 and running through 2046...but he didn't reject it either...it will be put to referendum for the people to decide for themselves, after all its the people that have to pay for all this in the end. Last deal rejected was the same deal at 5% interest and it was rejected in referendum. Iceland didn't ask U.K. or Dutch to make thier citizens whole on thier speculative foreign bank investments, chasing yield at an Iceland bank? Why should we assume that when a nations private banks fail then the nation has to bail them out, even if it ruins the solvency of the nation? Ireland would have been better off not grabbing on to the tarbaby of its own banks. Supposed incentive for Iceland is that if it doesn't go along the IMF will not advance any more money and U.K. and Dutch will block thier membership in EMU, so they won't have access to cheap debt anytime soon. I'm not sure that the Icelanders would be better off if they approve the deal. After all, you can only pay debt with income, and all these proposals are really just about new debt. They might be better off it they just go fishing.

 

[fundjunkie]

Quote from Roark:

Both. You loan money to your derelict, drug-abusing nephew without adequate collateral and he loses his job, gets evicted, and can't pay you back. Is it your fault or your nephew's fault?

Your country loans millions to a country comprising two or three people, an equal number of active volcanoes on a frozen island in the far north without adequate collateral and they can't pay your country back. There was stupidity on both sides.

Well, as it's been established that virtually noone anywhere had adequate collateral where does that leave your point?

 

[fundjunkie]

Quote from Grandluxe:

too bad, british will have to eat the loss

They won't. If the Icelandic people are naive enough to vote it down Iceland will be punished. The EU has significant leverage against Iceland.

People in this thread speak as though this is a decision to be made in a vacuum. It most definitely is not.