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Title: Early results: Iceland voters reject debt deal
Source:
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URL Source: http://news.yahoo.com/s/ap/20100307 ... eu_iceland_financial_crisis_15
Published: Mar 6, 2010
Author: GUDJON HELGASON and SYLVIA HUI
Post Date: 2010-03-06 19:13:14 by Horse
Keywords: None
Views: 233
Comments: 13
REYKJAVIK, Iceland – Still smarting from the crippling aftermath of the global financial crisis, Iceland's voters on Saturday resoundingly rejected a $5.3 billion plan to pay off Britain and the Netherlands for debts spawned by the collapse of an Icelandic Internet bank, according to initial results. Results returned from around 83,500 ballots — or more than 40 percent of the total ballots expected — counted so far showed that 93 percent of voters said "no" in the referendum, compared to just 1.5 percent who said "yes." Final results are expected overnight. The referendum results are indicative of how angry many Icelanders are at bankers and politicians as the tiny island nation struggles to recover from a deep recession. The global financial crisis wreaked political and economic havoc on Iceland, as its banks collapsed within the space of a week in October 2008 during the credit crunch and its currency, the krona, plummeted. The Icelandic government was the first to fall as a result of the meltdown. Icelanders were deciding whether to back a plan outlining the payment of $3.5 billion to Britain and $1.8 billion to the Netherlands as compensation for funds that those governments paid to around 340,000 of their citizens who had accounts with the collapsed bank Icesave, an Icelandic Internet bank that offered high interest rates before it failed along with its parent, Landsbanki. Many voters object to the tough terms of the deal imposed by the debtor countries, not the idea of payment itself. "This result is no surprise," Prime Minister Johanna Sigurdardottir said. "Now we must turn to the task of finishing the negotiations on Icesave." Icelandic authorities have recently been in talks with Britain and the Netherlands to come up with a better deal to try to avert Saturday's referendum, which was forced by the refusal of Iceland's president to agree to the so-called Icesave bill. Last minute talks between the three countries broke down this week, despite the debtor countries saying they offered better terms for a new deal — including a significant cut on the 5.5 percent interest rate in the original deal hammered out at the end of last year. The vote could jeopardize Iceland's credit ratings, making it harder to access much-needed funding to fuel an economic recovery. Unemployment has surged since the crisis began, to about 9 percent in January, and inflation is running at about 7 percent annually, while the island's economy continues to shrink. The British say their "best and final offer has been turned down," but Iceland's Foreign Ministry said late Saturday it remained confident a solution acceptable to all parties can be achieved. The debt owed to Britain and the Netherlands is a small sum compared to the massive amounts spent to rescue other victims of the global meltdown — $182.5 billion was paid out to keep U.S. insurance giant American International Group Inc. alive — but many taxpayers in the country of just about 320,000 say they can't afford to pay it. The deal would require each person to pay around $135 a month for eight years — the equivalent of a quarter of an average four-member family's salary. Locals see the deal as an unfair result of their own government's failure to curtail the excessive spending of a handful of bank executives that led the country into its current malaise. "I said no," said Palmar Olason, 71, at a polling station. "We should get a better deal," he said. Britain and the Netherlands have been pushing hard for repayment and there have been fears that they will take a hard-line stance on Iceland's application to join the EU and refuse to approve the start of accession talks until an Icesave deal is signed into law. About 1,000 Icelanders gathered to protest in downtown Reykjavik Saturday, demanding a better say in the issue. Many ordinary Icelanders resent forking out the money to compensate for losses incurred by potentially wealthier foreign investors who chased the high interest rates offered by Icesave. There's also residual anger that Britain invoked anti-terrorist legislation to freeze the assets of Icelandic banks at the height of the crisis, prompting the worst diplomatic spat between the two countries since the Cod Wars of the 1970s over fishing rights in the North Atlantic. President Olafur R. Grimsson tapped into the public anger and used a rarely invoked power to refuse to sign the so-called Icesave bill after it was passed by parliament in December. Since then, opinion polls indicated that a strong majority intended to reject the plan. The Social Democrat-Left Green coalition government and the center-right opposition say the country could get better terms in negotiations with Britain and the Netherlands. "I voted no," said Rognvaldur Hoskuldsson, a 36-year-old machine technologist, after casting his vote Saturday morning. "We have to send a message that these countries are not going to profit from this situation." Although the International Monetary Fund has never explicitly linked delivery of a $4.6 billion loan to the reaching of an Icesave deal, it is committed to Iceland repaying its international debt — the months taken to reach the original Icesave deal were responsible for holding up the first tranche of IMF funds last year.
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#1. To: Horse (#0)
deleted
The relationship between morality and liberty is a directly proportional one.
Now I will make a prediction. Their government will ignore that result and make them vote again 18 months later, with the exact same terms, only they'll claim to have made "verbal assurances". They will have Yes posters claiming economic recovery and job creation. They will smear and ridicule No campaigners while the Icelandic media will be completely on the Yes side. They will deny questionable parts of the deal that are written in plain ink. There will be widespread voting irregularities and every referendum law will be breached, but the mainstream media will not report it. They will quickly announce a Yes result on the morning of the count, with an inexplicable swing to the Yes second time - only ordinary Icelandics will not be able count on one hand people who voted in favour of the amendment. I know this, because it had happened on another island nation in the North Atlantic. So Bono... and Sir Bob... you two have been very quiet on the whole "debt cancellation" front of late. Why is that? Do you have a problem with your OWN country getting "debt forgiveness"?
Great tag!
Thanks. Just shows what Bono and Geldolf are - front-men for the NWO!
So Bono... and Sir Bob... you two have been very quiet on the whole "debt cancellation" front of late. Why is that? Do you have a problem with your OWN country getting "debt forgiveness"?
That's sweet, I should ping sneakypete to give him one more chance to discuss taxes vs redistribution.
“we were respected as the most disinterested and charitable nation in the world.” - Robert A. Taft
I don't understand why taxpayers should have to pay for private bank failures? That is very wrong!
He's been AWOL over at LP. So I dunno whether he'll reply here either. lol
So Bono... and Sir Bob... you two have been very quiet on the whole "debt cancellation" front of late. Why is that? Do you have a problem with your OWN country getting "debt forgiveness"?
It's part of being a good citizen, cover up for the arrogant shitheads when they fuck up? What's wrong with you, why are you resisting? Only homos don't like Oboma mang!
“we were respected as the most disinterested and charitable nation in the world.” - Robert A. Taft
That is very wrong! Tell me about it! I almost think it's good that I'm down to part-time because of the New Depression - because they're not getting my income tax as a result! lol
So Bono... and Sir Bob... you two have been very quiet on the whole "debt cancellation" front of late. Why is that? Do you have a problem with your OWN country getting "debt forgiveness"?
I've always admired Pete until now, he seemed reasonable. He seems nutty now, but aren't we all?
“we were respected as the most disinterested and charitable nation in the world.” - Robert A. Taft
I meant AWOL as in missing not AWOL as in crazy. lol He got fed up with Yukon and left LP......... But, I'll admit to being nutty myself! lol ;)
So Bono... and Sir Bob... you two have been very quiet on the whole "debt cancellation" front of late. Why is that? Do you have a problem with your OWN country getting "debt forgiveness"?
That rhymes, mark up when you think the dobro should come in. : sha-la-lala let's live for today! ":)
“we were respected as the most disinterested and charitable nation in the world.” - Robert A. Taft
But, I'll admit to being nutty myself! lol ;) ramalAMa-fA-FA-FA
“we were respected as the most disinterested and charitable nation in the world.” - Robert A. Taft
#2. To: Horse (#0)
Early results: Iceland voters reject debt deal
#3. To: irishthatcherite (#2)
So Bono... and Sir Bob... you two have been very quiet on the whole "debt cancellation" front of late. Why is that? Do you have a problem with your OWN country getting "debt forgiveness"?
#4. To: Jethro Tull (#3)
Great tag!
#5. To: irishthatcherite, sneakypete (#4)
Just shows what Bono and Geldolf are - front-men for the NWO!
#6. To: Horse (#0)
#7. To: Dakmar (#5)
That's sweet, I should ping sneakypete to give him one more chance to discuss taxes vs redistribution.
#8. To: your_neighbor (#6)
(Edited)
I don't understand why taxpayers should have to pay for private bank failures?
#9. To: your_neighbor (#6)
I don't understand why taxpayers should have to pay for private bank failures?
#10. To: irishthatcherite, sneakypete (#7)
He's been AWOL over at LP. So I dunno whether he'll reply here either
#11. To: Dakmar (#10)
I've always admired Pete until now, he seemed reasonable. He seems nutty now, but aren't we all?
#12. To: irishthatcherite (#11)
I meant AWOL as in missing not AWOL as in crazy
#13. To: irishthatcherite, sneaskypete (#11)
I meant AWOL as in missing not AWOL as in crazy. lol He got fed up with Yukon and left LP.........
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