Comments on: Business as usual for Icelandic government…for now

By: Bjarni

Bjarni — Wed, 06 Jan 2010 20:25:10 +0000

To db-nluk:

>>>>What is disgraceful is that Iceland (not the failed bank) gave a guarantee to UK/NL depositors.

This is actually a subject that has already been heavily debated here on IceNews. Since you seem to be stating that “Iceland” gave a guarantee to UK/NL depositors before the crash, it would be quite useful for us to see the specific statement by authorities in Iceland on this, you are referring to.

Please provide the actual reference to the documents with specific quotes that show you are correct.

By: db-nluk

db-nluk — Wed, 06 Jan 2010 18:32:21 +0000

What is disgraceful is that Iceland (not the failed bank) gave a guarantee to UK/NL depositors. Without such guarantee, your bank would not even have been allowed to operate in UK/NL. And no British or Dutch depositors would have put their money in Icelandic accounts. Iceland and its people profited very handsomely from all the deposits. No-one was complaining then, right. Living well above standards one may reasonable expect from inhabitants of a country like yours. The DNB warned you. Others did too. Did you listen? Of course not: Got to have that 3rd SUV. Well, tough: If I spend like you people have, I’ll end up in the poorhouse. And no-one from Iceland will step in to help me. Why should I bail you people out: Sending my son to a good school is more important to me than you living in a palace rather than a modest house. Time to live up to your commitments. And, if you’re going to behave like some dodgy banana republic, then don’t be surprised when you are treated like one too.

By: Bjarni

Bjarni — Wed, 06 Jan 2010 18:12:30 +0000

To Peter – London:

>>>>They did, Iceland lost the arbitration.

At least you have now FINALLY dropped the “binding” prefix. :-)

By: Peter - London

Peter - London — Wed, 06 Jan 2010 16:39:14 +0000

“1) Why uk and nl don’t go into litigation if they feel they could win ? There are several international arbitration courts. Where there is a dispute an arbitration should do the job.”

They did, Iceland lost the arbitration. Its irrelevant now as Iceland has agreed to pay the debt, just not all of it and they don’t like the loan terms. Noone else is offering better loan terms, however.

By: Chris

Chris — Wed, 06 Jan 2010 16:10:08 +0000

To TWR

Your democratically elected government voted 33-30 to pass this Icesave debt solution. Gives Iceland 15 years to pay it off, which seems a fairly reasonable
length of time.

By: west

west — Wed, 06 Jan 2010 02:20:06 +0000

“In Icelandic krona?”
Only if the business people are really stupid. Pay in Euros, dollars, yen, pounds,zloty, Swiss francs, fish, but not in Icelandic krona.This has to be the only developed country that wants to commit economic suicide.

By: Jimbo (original Jim)

Jimbo (original Jim) — Tue, 05 Jan 2010 20:36:13 +0000

“All business with Icelanders should be done on payment in advance basis”

In Icelandic krona?…

By: Peter

Peter — Tue, 05 Jan 2010 20:13:40 +0000

1) Why uk and nl don’t go into litigation if they feel they could win ? There are several international arbitration courts. Where there is a dispute an arbitration should do the job.

2) Where is the money gone ? Some investments must have been made with the money, like Icelanders buying assets in UK, elsewhere. If the present value does not reflect the money that was paid for it, maybe the sellers in uk and elswhere were not honest with the buyers and they have a their part in the problem.

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By: db-nluk

db-nluk — Tue, 05 Jan 2010 18:48:23 +0000

Bjarni wrote:

I think everyone just needs to take a deep breath and allow the democratic process to go forward. It may be messy, but thats often how democracy works.

Icelandic democracy and its messy ways, as you write, are, I believe, of little interest to UK/NL who just want to get paid as promised. That is something the government of Iceland should have thought about before making promises in name of their people. As Lincoln said: We must not promise what we ought not, lest we be called on to perform what we cannot.