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Monday, March 8, 2010

Iceland massively rejects to pay private debt

93% of voters chose NO in the referendum to validate or reject the bill that approved massive payments to foreign investors for debts acquired by a private bank, Icesavings, now nationalized after going bankrupt.

The Parliament had approved the bill agreeing to pay 5 billion dollars in exchange for a loan of 10 billions and support for an entrance into EU that Icelanders do not seem to desire anymore. However the President of the small republic, in a rare show of politic honesty of the kind you seldom see anymore in this rotten old Europe, vetoed the bill and demanded a referendum that has finally ended in a total defeat for the government. I commented on this neocolonialist abuse in a previous post.

Source: Rebelión, BBC, etc.


Antoni Jaume said...

At Crooked Timber they had a lively dscussion about this possibility on 7 of January, link follow:

Maju said...

Honestly, if workers were to take over the RBS and make it cooperative, I'd also support their legal bankruptcy (i.e. their inability to pay any debts in order to survive). But only if it went to workers, not the pigs (capitalists).

That's the main difference: you can't say that Iceland is like RBS, because Iceland is first an a foremost a human entity, while RBS is a mafia, I mean: capitalist corporation.

These are absolutely different things: people and people's robbers. Iceland does not owe what a private bank owes. The owners of that private prank, I mean: bank, would be the ones to owe but never the citizens of any country.