Icesave

The hottest issue in Iceland right now is Icesave and the bill that president Ólafur Ragnar Grímsson turned over to the people.

A lot of misconception has been floating around in the press lately, so here are a few points to consider:

1. A tiny group of icelandic bankers caused a lot of trouble.
2. The law could jeopardize ownership of national resources and therefor our indepenance.
3. Landsbanki was privately owned and operated. Same goes for the depositors insurance fund.
4. The “dept” of 3.9 billion Euro is staggering considering the population. 10.000 Eoru pr living person.
5. Both the Dutch and the British Government have refused to take the matter to court.
6. The interest rate is higher than the Versala aggreement (after WWI).
7. President Ólafur Ragnar Grímsson did not veto the low, only forwarding it for the people to decide.
8. The banks operated under European regulations. The regulations are now considered faulty.

Listen to the interview on BBC’s Newsnight:

Further reading:

Iceland has the right to refuse debt servitude

We’re all Icelanders now

Iceland bank collapse repayment in doubt – listen to prime minister Steingrímur J. Sigfússon