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Old 11.04.2011, 11:28
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Iceland votes "NO!"

Gives the finger to the UK and Netherlands.

"see you in court, suckers!" - Jóna Jónsdóttir, Iceland.

Good for them. I'm sure they don't want to be the next Ireland...

Last edited by Phil_MCR; 11.04.2011 at 11:57.
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Old 11.04.2011, 11:31
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Re: Iceland votes "NO!"

Im sure the long term disadvantages far outweigh the short term gain.
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Old 11.04.2011, 11:34
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Re: Iceland votes "NO!"

Can't say I blame the Icelandic Tax Payer/Voter.

Why should they pay for what is in effect/reality, the mistakes of a private bank ?

Also, given the UK base rate at 1.25%, why should the Icelandics pay 5.5% on the debt ? (Or was it revised to 3.5% ?)
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Old 11.04.2011, 11:38
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Re: Iceland votes "NO!"

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Can't say I blame the Icelandic Tax Payer/Voter.

Why should they pay for what is in effect/reality, the mistakes of a private bank ?

Also, given the UK base rate at 1.25%, why should the Icelandics pay 5.5% on the debt ? (Or was it revised to 3.5% ?)
Why would the irish govt pay 8pct, the greeks some 12 pct like the portuguese?
Why should the uk/french/german/spanish/portuguese/irish etc etc pay for the mistakes of private banks?
Fact is by allowing the bank to fail and refusing a repayment plan, Iceland has firmly put itself on the sideline and shouldnt expect too much help/interest in the future.
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Old 11.04.2011, 11:39
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Re: Iceland votes "NO!"

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"see you in court, suckers!" - Jane Doe, Iceland.
WTF? Jane Doe isn't even an Icelandic name!
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Old 11.04.2011, 11:44
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Re: Iceland votes "NO!"

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Why would the irish govt pay 8pct, the greeks some 12 pct like the portuguese?
Why should the uk/french/german/spanish/portuguese/irish etc etc pay for the mistakes of private banks?
Fact is by allowing the bank to fail and refusing a repayment plan, Iceland has firmly put itself on the sideline and shouldnt expect too much help/interest in the future.
Why should a sovereign governments spending/loans be affected by the actions of the collapse of a PRIVATE bank. Surely any government is not responsible for the actions of these banks.

Technically the government borrowing has nothing to do with it and I'm sure the Iceland government has paid ITS bills like any responsible borrower. (Unless the bank was state owned, not sure.)

These market sharks are forcing governments to cover other peoples debts.

Perhaps I should buy a Ferrari on credit then expect my neighbour to pay the bill?

Put it this way if the banks were not given the bailout cash I wonder how many board level staff at RBS would be collecting fat pay checks this year.
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Old 11.04.2011, 11:45
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Re: Iceland votes "NO!"

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Why would the irish govt pay 8pct, the greeks some 12 pct like the portuguese?
Why should the uk/french/german/spanish/portuguese/irish etc etc pay for the mistakes of private banks?
Fact is by allowing the bank to fail and refusing a repayment plan, Iceland has firmly put itself on the sideline and shouldnt expect too much help/interest in the future.
Good question, yes, you tell me, why should taxpayers pay for the mistakes of private banks ? Just because some do , doesn't make it right.

"Allowing" a bank to fail...?? How was that applicable here ? Governments have little to do with market forces. Banks fail because they should fail. The investors should pay, not the tax payers.
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Old 11.04.2011, 11:46
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Re: Iceland votes "NO!"

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Gives the finger to the UK and Netherlands.

"see you in court, suckers!" - Jane Doe, Iceland.

Good for them. I'm sure they don't want to be the next Ireland...
WTF? Jane Doe isn't even an Icelandic name!
  • Australia - Fred Nerk, Joe Farnarkle, Simon McCool
  • Ireland - Seán and Síle Citizen, John Murphy, Joe Bloggs
  • Bulgaria - Ivan Ivanov, Person X
  • South Africa - Koos van der Merwe, Piet Pompies
  • Malta - Joe Borg
  • Iceland - Međal-Jón, Međal-Jóna, Jón Jónsson, Jóna Jónsdóttir
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  #9  
Old 11.04.2011, 11:48
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Re: Iceland votes "NO!"

The country’s disappointed prime minister Johanna Sigurdardottir yesterday said repayment terms eventually imposed by the courts were likely to be tougher than those rejected.

Its government said in a statement that the vote would not prevent Britain and the Netherlands pursuing Landsbanki directly, which could raise 90 per cent of the money owed.

So why are they persuing the Icelandic government, threatening to block EU entry etc etc?

UK bailed out banks so the Icelandics must? Erm no, I would never want to see my tax bailing out a bank.
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Old 11.04.2011, 11:56
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Re: Iceland votes "NO!"

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WTF? Jane Doe isn't even an Icelandic name!
I was going to ask you for help with getting the icelandic equivalent for jane doe...
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Old 11.04.2011, 11:57
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Re: Iceland votes "NO!"

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The country’s disappointed prime minister Johanna Sigurdardottir yesterday said repayment terms eventually imposed by the courts were likely to be tougher than those rejected.

Its government said in a statement that the vote would not prevent Britain and the Netherlands pursuing Landsbanki directly, which could raise 90 per cent of the money owed.

So why are they persuing the Icelandic government, threatening to block EU entry etc etc?

UK bailed out banks so the Icelandics must? Erm no, I would never want to see my tax bailing out a bank.
Simply put, that bank that is bailed out is probably holding many pensioners savings, normal peoples day to day finances, and will create infinitely more havoc than saving it with a guarantee of tax payers money.
Dont get me wrong, I get really mad when i see even now, bankers paying themselves massive bonuses etc, but thats for another thread. I was however pointing out that by refusing the repayment, the Icelandic people have damaged their own credibility and therefore cannot enter into eu membership and take advantage of all the possible EU finance aid, if they allow the refusal of the depositors repayment.
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Old 11.04.2011, 11:58
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Re: Iceland votes "NO!"

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(Unless the bank was state owned, not sure.
It was a private bank.

Just for the records, it's was not a vote about not paying at all and that UK/NL won't get a cent, it's a question of how much we should pay, how high interests rates, etc.

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Although a majority of the electorate has in this referendum said ‘no’ with respect to the conclusions of the negotiations which took place last year, it is necessary to emphasise that the nature of the Icesave issue is such that the British and Dutch authorities and agencies will still, notwithstanding this result, receive immense sums from the estate of Landsbanki. In all likelihood, the amounts paid to them will come to the equivalent of USD 7-9 billion, the first payment taking place within a few months.
Personally I didn't vote, because I'm not sure what is right or wrong anymore.
Is it fair for anyone to pay this? No! Not for Icelandic nor for UK/NL taxpayers.
I don't want us to be labeled as international douchebags, but I also want to stay on the realistic side of how much the country actually can pay without collapsing.
So, I'm leaning on that it would just be for the best to take this international court to find out what our legal responsibility is. Until now, I think it has been very unclear for everyone.
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Old 11.04.2011, 12:00
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Re: Iceland votes "NO!"

As I understand it, the issue here is that there were UK & Netherlands resident depositors with Landbanki via their "Icesave" scheme.

The FME put Landsbanki into receivership, meaning that the UK & Netherlands governments then had to pay out about 400,000 depositors under their own national investor protection schemes.

Now that the suggested repayment terms have been rejected by Icelands voters, the UK and Netherlands are pursuing legal avenues to recover their own taxpayers monies, that has already been paid out to compensate the defaults of an Icelandic bank - which seems fair to me.
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Old 11.04.2011, 12:07
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Re: Iceland votes "NO!"

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the Icelandic people have damaged their own credibility and therefore cannot enter into eu membership and take advantage of all the possible EU finance aid, if they allow the refusal of the depositors repayment.
big deal. they're better off without the EU.
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Old 11.04.2011, 12:08
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Re: Iceland votes "NO!"

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big deal. they're better off without the EU.
I dont think the irish or the greeks or the portuguese and possibly the spanish would agree with you.
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Old 11.04.2011, 12:13
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Re: Iceland votes "NO!"

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I dont think the irish or the greeks or the portuguese and possibly the spanish would agree with you.
Simply because of geographical locality, shared borders and commercial synergy.

Iceland is an isolated, small , relatively poor community. The possible consequences of paying are far greater.

The UK investors were insured against collapse. At best, the UK could demand the premiums back, but it appears to me they are trying to profit from Icleland's misfortune.
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Old 11.04.2011, 12:16
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Re: Iceland votes "NO!"

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Why should a sovereign governments spending/loans be affected by the actions of the collapse of a PRIVATE bank. Surely any government is not responsible for the actions of these banks.
They are if they offer a state-backed deposit guarantee fund.The Iceland government had a deposit guarantee in place for Icesave and stepped up to the plate to compensate Icelandic customers. They refused to extend the same guarantee to oversees branch customers. The disute is whether they had the right to discriminate against overseas customers.

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Good question, yes, you tell me, why should taxpayers pay for the mistakes of private banks ? Just because some do , doesn't make it right.
Since the UK stepped in and compensated UK depositors of Icesave, at the end of the day, tax payers somewhere will foot the bill. The only dispute is whether it will be the UK (and Dutch) taxpayers, or Iceland's taxpayers.
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Old 11.04.2011, 12:19
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Re: Iceland votes "NO!"

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I dont think the irish or the greeks or the portuguese and possibly the spanish would agree with you.
really? i expect the irish and greeks would be in favour of defaulting on the debts and pulling out of the EU.

interestingly, while iceland was not in the EU, the financial services regulation was under EU rules...
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Old 11.04.2011, 12:19
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Re: Iceland votes "NO!"

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They are if they offer a state-backed deposit guarantee fund.The Iceland government had a deposit guarantee in place for Icesave and stepped up to the plate to compensate Icelandic customers. They refused to extend the same guarantee to oversees branch customers. The disute is whether they had the right to discriminate against overseas customers.



Since the UK stepped in and compensated UK depositors of Icesave, at the end of the day, tax payers somewhere will foot the bill. The only dispute is whether it will be the UK (and Dutch) taxpayers, or Iceland's taxpayers.
I can't speak for the legal strengths, but each Government should protect it's own people. How much compensation have the US banks paid UK or any other tax payer for that matter ?
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Old 11.04.2011, 12:22
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Re: Iceland votes "NO!"

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I don't want us to be labeled as international douchebags, but I also want to stay on the realistic side of how much the country actually can pay without collapsing.
So, I'm leaning on that it would just be for the best to take this international court to find out what our legal responsibility is. Until now, I think it has been very unclear for everyone.
Very balanced view, this. There seems to be a genuine difference in how the law should be interpreted, so the courts will do that. If it goes against Iceland,
hopefully some repayment method will be agreed that won't bust Iceland's balls. Can't see what that would achieve.
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