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On Sky Now... Iceland to refuse to pay UK 2.3 Billion to savers
Comments
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Sad situation really, but I am on the side of the common tax payer (no matter what country they belong to) who should not be forced to pay for others mistakes.Please remember other opinions are available.0
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But not to Rinoa, eh!
Bailed out, saw it coming, read right throught it and did better the UK Gov in ascertaining it was not a good bet! Simple as..:D
Well I took my money out three weeks before when I noticed the CDS for Iceland banks went through the roof
. If everyone had done this though we would have been accused of wrecking the Iceland economy. 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
What disturbed me about this episode was the way the UK government exercised terrorist legislation to bring the Icelanders into line.
This is an example of function creep.
This is from the same government who promised that data collected by us for the purpose of ID cards would not be used for purposes beyond it's original remit.
Yeah, right...0 -
I looked at those Icelandic high interest accounts a couple of years ago.
Strange names, didn't know much about them. So took a tad lower interest rate from good old british banks I understood. I managed my risk, others didn't.
I also have sympathy for Icelandic citizens, it's not their fault their government was incompetent.
£2.3Bn between 400,000. Is that around £5,700 per person?
The debt will cost each Icelander around 12,000 euros over the next decade.
Hardly insignificant.0 -
Sad situation really, but I am on the side of the common tax payer (no matter what country they belong to) who should not be forced to pay for others mistakes.
Don't understand what you are saying
someone has to pay you or Bjorn in Iceland. 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
What disturbed me about this episode was the way the UK government exercised terrorist legislation to bring the Icelanders into line.
This is an example of function creep.
This is from the same government who promised that data collected by us for the purpose of ID cards would not be used for purposes beyond it's original remit.
Yeah, right...
Like most british acts of parliament, the act was a hodge podge. The actual section they used never had anything whatsoever to do with terrorism, thats just a straw man argument. It brought back into british law a power the government had under previous legislation that was repealed by the act.Didn't the govt (people of) of Iceland GUARANTEE the first 15k or so
Not quite, the Icelandic govt originally guaranteed 15k, but in the process of nationalising the banks, they changed it so that icelandic citizens had their entire deposit guaranteed. Legally, the argument of the british government is that under EEA law, they are required to offer the same guarantees to other european citizens as they do to their own citizens. In short, they can either abide by their old guarantee scheme, in which case the money owed to the British government would be significantly smaller, OR they can abide by the new guarantee, in which case they must treat British citizens as favourably as Icelandic citizens.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
Didn't the govt (people of) of Iceland GUARANTEE the first 15k or so
They certainly did, it was that odd passport scheme. Kaupthing was guaranteed entirely by the FSCS, Icesave was part FSCS part Iceland.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
It is just me or does 2.3bn sound like small change these days...?
To us yes (divided by 61 million), to Iceland no (divided by 400k).'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
The government of Iceland is comitted to repaying the money whatever the outcome of the referendum, according to their Prime minister, who recognises it as their legal obligation.
http://www.icenews.is/index.php/2010/01/05/government-iceland-still-committed-to-debt-repayment/0
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