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View Diary: Iceland's On-going Revolution (219 comments)

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  •  Just to reinforce my point further down... (0+ / 0-)

    ... in the diary... here's what's at the top of the Reykjavík Grapevine today:

    One Month To Pay Icesave Or Go To Court

    Obviously, they're not paying; the last referendum wasn't overwhelming, but it was clear that there was not going to be an out-of-court settlement.  So soon will begin the hearings.  I hope things work out well for Iceland; I really do.  A negative EFTA ruling could really hurt if Landsbankinn's assets don't pan out to be sufficient to pay (hopefully they are!).

    I just want to make it clear that despite how people on Daily Kos insist on repeatedly presenting the situation, the Icesave battle is absolutely not over; a new phase is just getting underway.  And this isn't a battle between a country and banks, but a battle between multiple countries, one of whom (the UK) hasn't always had very friendly relations with Iceland.  And who started off the current battle in the same manner, seizing Icelandic assets with an anti-terrorism provision.

    I joked with some of my hosts back in Iceland that they should just call the Icesave accounts a late payment for all the fish the British trawled from Icelandic waters earlier this century   ;)

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