Icesave and Iceland government are scammers!

Joe65_2

NumbersGuy wrote: »

I applaud the UK government for its actions in relation to this matter: compensating depositors, seizing assets, closing Kaupthing and looking to sue Iceland. The EEA passport scheme and FSA regulation of Icesave was clearly inadequate, but nevertheless the government has done the right thing.

I am impressed the scamming Iceland government has now been outmanoeuvred by the UK government who have seized the UK assets of Landsbanki (which Iceland planned to steal to prop up its economy) and also used the FSA to close Kaupthing and transfer accounts to ING. Thus foiling Iceland's plan. What an absolute disgrace of a government Iceland has.

(In case anyone wonders, although this is my first post, I have lurked for a while - I just signed up to post on this topic as it is so unbelievable).

Full marks for decisive practical steps to contain the damage. Now when is it going to recall our Ambassador.

GeorgeHowell

amcluesent wrote: »

>Don't risk it -- get out of foreign banks now -- please<

Why? HMG is covering 100% losses, moral hazard be damned. The Bank of Nigeria has a very attractive 15% 1 year bond at the moment; reckon I'll fill my boots and then wait for the compo.

Be my guest. Sooner or later someone is going to get burned. If it happens to you and you whinge about it, I'll call you "greedy".

edwinac_2

I just looked at the BBC's country profile for iceland.

The three largest Icelandic banks have been nationalised, put into administration or had their overseas assets seized and sold off. The government cannot without bankrupting the nation find the funds to compensate savers, and its investors' compensation scheme is deemed worthless.

Meanwhile, the BBC reports (updated Mon 6 Oct):

BBC wrote:

Iceland became an independent republic in 1944. Dominated over previous centuries by Norway and Denmark, it does not hesitate nowadays to defend its interests...In recent years the economy has developed in new areas, not least tourism. Banking and finance reforms have helped to fuel exceptional growth, though there have been worries about economic overheating. Icelandic business has made major investments abroad...In October 2008 the government and the country's major banks agreed urgent measures to stabilise Iceland's financial system, which has been hit hard by the global financial crisis.

http://news.bbc.co.uk/1/hi/world/europe/country_profiles/1025227.stm

cheekykid

GOD decided to penalize them for their sins;)

Sky news reports that Icelands president is busted due to heart complications. He's currently being hospitalized.

going2die_rich

climbgirl wrote: »

Me too.

In fact the Icelandic PM released a statement saying there's enough assets in Landsbanki to cover it, it can keep running, the deposit scheme will work only if it's needed etc at the very same time as the FSA releases a statement saying Icesave has gone into default!

Get your story straight!

To be fair, he couldn't say their isn't enough money else that really would have created a worse panic. By hoping people would stay calm and the bank would get through it he lied to reassure people. Just like every government right now is doing saying things are okay. It's a simple fact they can't be certain of but hope for.

I am sure our government were more aware of the truth that their wasn't enough money to cover it.

Still don't agree with him protecting his own citizens money at 100% at the cost of everyone else though. But I do understand why governments on occassions have to bend the truth quite a bit, to try and make things better.