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 Iceland's Standing Up (!)

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PostSubject: Iceland's Standing Up (!)   Wed Aug 19, 2009 11:18 am

http://notsylvia.wordpress.com/2009/08/18/iceland%C2%B4s-refusal-to-pay/
Notsylvia Night wrote:
Here in Iceland people say, that if the country´s government agrees to give in to British and Dutch blackmail to pay the debts of the private internet-subsidiary Ice-Save of the private bank Landsbanki, we all will become Ice-Slaves.
So public opinion is forcing the parliament to refuse unconditional debt-payments. According to a new agreement payments are only to be made conditional as a percentage of economic growth.

Already a large group of international banks have come together to sue Iceland for full and unconditional payments.
Joseph Tirado, from the British law-firm Norton Rose said that a large group of banks will be part of this law-suit. He did not want to give the names of those institutions neither would he say in what court the case would be heard.
EU officials and others are threatening Iceland with international isolation.

Michael Hudson, economic professor, researcher and economic adviser to the Icelandic government calls the Parliament´s agreement a quantum leap, which might, if it succeeds to be implemented, change the world’s financial environment.
He explains in his article
The Specter of Debt Revolt Is Haunting Europe -Why Iceland and Latvia Won’t (and Can’t) Pay for the Kleptocrats’ Ripoffs
how Iceland, like Latvia and other east-European countries was tricked into the neo-liberal model of debt-accumulation and how this led to the financial melt-down;
- how the Dutch and, most of all, the British government deliberately increased the damage and so the debt, which by now has become practically un-payable;
– how the demand to pay the debt would lead to inevitable economic destruction;
- how the British and Dutch government subservient to their country´s private financial institutions blackmailed the Icelandic government negotiators into a self-destructive agreement;
- how even EU- and international financial and legal rules were broken in the process;
- and how this all – with the help of the internet – was made public and so forced the Icelandic parliament to set tight limits on the debt-repayments, limits which connects the repayment with the real growth of the Icelandic economy, preventing also the whole-sale of Icelandic resources to foreign creditors as collateral of the debts.
The rest of the article is well worth reading and pondering, IMO.

What a Face


Last edited by Yak on Wed Aug 19, 2009 3:49 pm; edited 1 time in total
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Buck

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PostSubject: Re: Iceland's Standing Up (!)   Wed Aug 19, 2009 11:31 am

It's time that someone (or some country) got some balls to stand up to the banks and their legal robbery.
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PostSubject: Re: Iceland's Standing Up (!)   Wed Aug 19, 2009 11:54 am

Some good points in the main article as well, worth the read.
Thanks Yak.
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Doc Manhattan

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PostSubject: Re: Iceland's Standing Up (!)   Wed Aug 19, 2009 12:13 pm

I raise a glass of Brennivin to Iceland standing up. (Them standing up... I won't be standing very long after a few glasses of Brennivin.)

I wish that more people who were victimized the same way, by predatory lending and backroom corporate deals, could stand up to bully lenders this way.
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Eulenburg

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PostSubject: Re: Iceland's Standing Up (!)   Wed Aug 19, 2009 1:20 pm

Good for Iceland!

And where are the people who got all those sweetheart loans that made Landsbanki go under?

I heard today on National Public Radio that the Nigerian government will refuse to bail out failing banks, unless rich speculators who got easy loans from said banks bring back some of the dough from Switzerland and cooperate in proping up them up.

Our blessed government gave away two trillion to our banking gang, so they could continue lending money to the same old mafia. But there is no money at all for the millions of children in this super rich country who have no health insurance.
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