Roughly half as many people have turned out to vote in today’s Icesave referendum in Iceland as at the last parliamentary election.
2,034 people in Reykjavik South had cast their votes before 11.00 this morning, which is 4.62 percent of the total registered voters. In comparison, 8.14 percent had voted by 11.00 in last April’s general election.
In Reykjavik North 1,776 votes had been cast by 11.00, which is 4.04 percent. The figure by 11.00 on last April’s voting day was 7.05 percent.
7.5 percent of voters had turned out by 11.00 in the northern city of Akureyri. Compared to 8.3 percent at the same time last April. Polling staff in Akureyri are describing the early turnout as ‘reasonable’.
Polling stations close at 22.00 this evening and it is quite possible that the pace of voting will pick up as the day proceeds.
Go Iceland!
If the result is a big no, all it will show is that you cannot trust Iceland. The financial irresponsability of the Icelandic banking system cost the British and Dutch governments billions. The Icelandic people are rejecting moves to pay it back.
In essence it shows the IMF and other world economic bodies that Icelandic deals and economic commitments are worthless because the people may well stop them going ahead. Result-less investment, less economic support when things go wrong.
Oh, and do you expect to get into the EU if you vote no-some parts of the British media are debating weather the UK govt will vote no to Icelandic accession.
Give us our money back!
@Anthony.
Grow up!!! more over grow a pair!!!
Give us our money back! This was acctually funy, how old are you?
“Give us our money back”????
Who’s money is that then Matey? Certainly not mine that’s for sure, I read long articles about Icesave in the financial papers in early 2008 warning anyone who would listen not to place a green cent in it, if you did then I think it’s the Romans you should be blaming rather than the Icelanders, for not shouting ‘Caveat Emptor’ loud enough in your ear!
By the way I’m getting a quick game of ‘Find the Lady’ together on this card table here if you fancy your chances!!!
Anthony!! you are dead WRONG,if you gamble with your money with expetation with big returnes it is out right GAMBELING.like Las Vegas or Bernie Madoff,and why sould the tax payers bail you out,if this is allowed,it would set a wave of GREEDY investers trying to sue the goverment or banks for they’r money back ,there is NO such a thing as money back guarentee when it comes to Gambeling….so get over your greed and you Isaver losses it is over ,and it is time to move on…you will never se a dime from the tax payers of Iceland,and that is only fair and right,why should Icaland pay your gambeling depts
well, I don’t aggree at all with Anthony. There’s no clear law Iceland should pay,- why should we? The people did not do anything wrong in case of Icesave,- why should they pay? I just hope it will set a little precedent, that the people don’t have to cover the debts of the business while business people can keep the billions for themselves… Anthony, this is happening all around the world,- don’t you think that’s wrong? should it be changed? We are not running away from the responsibility, but at least we want a fair deal and honestly, do you think UK people would just pick up 720 BN euro bill (the UK equivalent of Icesave) and just pay it? think again.
and Anthony, about the EU, gives us a break. The EU did not help us at all in this crisis: saved its ows system from collapsing, sacrificed Iceland (who cares, right?) and did not allow us to adopt the Euro (while other countries have got the exception to the rules, like Vatican) and now we should unilaterally pay for all the mistakes? No! and that’s what the people are about to say today.
I think when the time comes to vote for the EU, we will also say a “No”, it does not matter that Johanna and Co is pushing really hard towards it.
The resuklt will be NO, because it is time for bankers to GO DOWN with the politicians they subsidised.
Um, what do you mean Anthony? The Brits flocked to Icesave because of the higher interest rates paid on deposits: higher interest rates generally denote greater risk. The bank was able to pay higher interest rates because it was heavily invested in (rather risky) real estate development loans. When the market tanked, and the real estate developers defaulted on their loans (and the true value of the property used to secure the loans either dropped sharply or was far less than stated originally), the bank lost the revenue stream it relied upon to fund operations. I don’t believe the government of Iceland ever suggested it would back deposits if the bank failed – you Brits need to take responsibility for failing to do the basic financial investigating required by any reasonable type of ‘due diligence.’
If you need to blame someone, your MP might be a good place to start.
“If the result is a big no, all it will show is that you cannot trust Iceland.”? This referendum is not about should Iceland pay or not but How Iceland will pay. This is in a true not really important for the rest of the world part of the democratic process here in Iceland and I think Iceland has right for its own democracy.
i hope the icelanders vote no for any deal, and icelanders you don’t want to join the eu, because it’s nothing but just one big gravy train, who wants to be dictated by a bunch of foreigners living hundreds of miles away, so much for the eu supporting greece nothing but ignorant remarks from german mp’s and the press,
Hello I’m Ray from the Netherlands. I am really ashamed about what our government is asking you about the Icesave “soap”. I am not surprised about your reaction. Bravo! We would act just like you when a foreign country (like Holland is for Icelanders) is putting such a big and unresponsible “weight” on your shoulders for many years to come. Lots people in the Netherlands feels the same!
There is not much that I can do for you personally right now than hoping and believing that we both come out of this crisis as good friends as we are now.
Kind regards,
Ray, Soest/Holland
The Icelandic people are the only ones in the world that can actually stand against governments making private debts public debts. When a private company scams a bunch of English and Dutch marks (suckers) through private banks there is no reason for governments to take that debt on and pass it off on its citizens. Let the banks fail and the chips fall on those that tried to profit. The greedy English-Dutch investors must pay for their greed like anyone caught in a confidence scam.
If Americans were able to vote on “bank bailouts” there would be no bailouts. Do not take as your “responsibility” the debts of banking terrorists who have blackmailed the governments into paying for their mistakes. Let them fail. The British and Dutch people who thought they were getting such a great deal did not get it and their greed blinded them from doing their due diligence.
No one person will look at Iceland except as the peoples who stood up and finally told their government “NO MORE FREE MONEY FOR PRIVATE BUSINESS LOSSES!” No one is too big to fail!
It is the heart of fascism to make private debt public and all profits private. This is the heart of the recent surge in allowing bankers to keep their jobs, get free money, and relieve them of their bad business losses to the detriment of common folk.
I bless you for doing what all good people of this planet want and your government for allowing you to show how to do it.
Anna said “if you gamble with your money with expetation with big returnes it is out right GAMBELING.like Las Vegas or Bernie Madoff,”
You took the words of my mouth. Icelandic banks are NOT SERIOUS BANKS, just a like a club of gambling poker. Who in the hell should trust icelandic banks or icelandic economy to make investments in the country. Welcome to poverty and the third world. Your bankers and politicians has shown be in the line of corrupted south american republics like Argentina.
Rick ” When a private company scams a bunch of English and Dutch marks (suckers) through private banks there is no reason for governments to take that debt on and pass it off on its citizens. Let the banks fail and the chips fall on those that tried to profit. ”
More of the same, the politicians that represent Icelanders, the ones who the Icelandic nation has democratically chosen to represent ICELAND, have created laws and permited a bank system that has resulted to be a bay of pirates and MAFIA. From that bank system icelanders got to drag to the country huge amounts of money, to be used, fe. to lend icelanders 100% loans to buy ANYTHING, they wanted. They told you you were the richest nation of the world, but it was just money BORROWED from other countries. No wonder why almost every icelander is in huge debt FOR LIFE. And now you say you wont pay for all the money you borrowed to travel abroad often in shopping raids to the Mall of America in Minneapolis, buy your very nice cars and homes… How the hell can a fish factory worker with no education drive a wonderful mercedes benz and live in a two floor house with all comodities the european worker would just dream about?? Congratulations icelanders, you seem not to have any idea of what shame means. Many name GREED here, well, Well GREED is buying luxury cars, big homes, traveling like rich people abroad, and doing that by mostly taking LOANS from banks… Where did the money came from? I bet you all know the answer… Didn´t it come from the average european middle class worker who is working his ass off to just be able to meet ends every month? Didn´t it come from the average european pensionist who was saving for having a better retirement?? And those people have lost everything so you can live like kings in this country?? that is called ROBBERY.
Robet ” who wants to be dictated by a bunch of foreigners living hundreds of miles away”
No one I suppose, but, Icelandic banks and the average Icelander were very happy of getting 100% loans, MONEY THAT WAS THE PRODUCT OF THE HARD WORK OF HONEST WORKERS AND PENSIONIST “MILES AWAY”… Money that was stolen from those savers using a law permitted by the icelandic nation to create PIRATE BANKS AND MAFIA OF BUSINESS MEN. The ones who told all icelanders WE ARE THE RICHEST NATION IN THE WORLD!!! hahahaha… :D))))
Utlendingur “There’s no clear law Iceland should pay,- why should we? The people did not do anything wrong in case of Icesave,- why should they pay?”
Please, read the answer I put for Rick on this post. I think it answers your question pretty well.
And finally Anthony, Iceland is a poor country now, with huge cuts in the health and education system, that have lowered the country’s quality of live to levels similar to South American countries. Rates are like more than 5000 people for a Doctor in service in Iceland. I called to make an appointment and have my doctor see me. I HAVE TO WAIT TWO WEEKS, and I am not talking about an specialist, just a general practician. I can go to the urgencies in the evening, and of course wait around 3-4 hours, and would have anyways to pay 4.900 isk. SO GOOD BYE TO GENERAL UNIVERSAL HEALTH CARE IN ICELAND.
Well, I´m sure that by now, every icelander have noticed they are in really BIG SH*T, because there is NO MONEY ANYMORE. You see all the fish icelanders sell?? well, all that fish is not enough to maintain the country at similar economic levels than any other country of Western Europe. Icelanders knew it, and the only way they could live like THE RICHEST in the world was by using foreign investments in their banks.
But that money is NEVER AGAIN, going to show up in iceland, is it??
HAHAHAHAHA, WELCOME TO POVERTY ICELANDERS!!!! ;-)
Until you don’t show you have a minimum sense of what HONESTY means, your country is going to be drawn to MISERY. So Anthony, don’t worry, this people only need to endure poverty for some years to come until the point they can see things CLEARLY…
Well, the idea that investing is a risk is true-no one denies it, but the fact is, the bank was based in Iceland, not Britain, so any failings that led to the British and Dutch(people seem to be conveniently deciding they dont like the British for demandning repayment, when its the Dutch also) governments steppinng in to ensure the savings of their citizens were secured, are the failings of the Icelandic system. If thousands of Icelandic citizens had lost money to a British bank and your government had to spend your tax money to bail out the bank if it collapsed, would be you so accomodating if the British people suddenly started rfefusing to pay their debt-i think not.
Anyway, you have your result, the No vote is in, and as such you have committed economic and diplomatic suicide-enjoy!
Of course no one is naive enough to ignore the fact that financial investment carrys risk, but this is more an issue of Icelands credability as an international negotiator-who is going to trust that an economic agreement is worth the paper its written on now, when at any moment, a poll of public opinion might prompt a politician with a mind to public approval, to suggest it be put to a vote in the full knowledge that it will be rejected. Its a cheap and easy way of getting past certain responsabilites, and it will simply make foreign investors, governments and agencies nervous about trusting Iceland as an economic destination in the future.
Also, its plain wrong-the vast majority of British citizens and Dutch citizens had no involvement in this fiasco, but their tax money was used to secure the savings of those who were involved, because financial irresponsability in Iceland had made it necessary.
There is no point saying that the UK is being a bully(interestingly, you can see undisguised anglophobia when you consider that its not Britain alone who wants repayment but its Britain alone who is being represented as the bad guy), because it is doing PRECISELY what Icelanders would be insisting their government do if the situation was reversed.
Anyway, you all have your no vote, but it wont do you any good because all it will show is that the world cannot trust Iceland. The credability of Iceland will be severely damaged today-enjoy your brave porud refusal to bow down to the bully whilst it lasts, soon the harsh reality will set in.
Banks are not casinos-there is a reason people get their wages paid into a bank and not an online casino because banks are supposed to offer certain guaruntees of financial probity and protection-failures to do that fall on the part of the bank not the investor
@SIR EURO IS BACK.
” Iceland is a poor country now, with huge cuts in the health and education system, that have lowered the country’s quality of live to levels similar to South American countries.”
I sympathise, but Iceland is not the only country that has suffered in the recession
“If Americans were able to vote on “bank bailouts” there would be no bailouts.”
There is a huge distinction between bailing out bank debt holders (and to some extent the existing equity interests) by pumping money into banks at favorable terms (the “bank bailouts”), which reasonable people will disagree as to the whys and hows, and returning money to depositors.
As I understand the Icesave situation, we are not talking about “bank bailouts” but about repaying the Brits/Dutch for stepping up to the plate when Iceland’s “Guarantee Fund” failed to pay off depositors.
As a french citizen i support the people of Iceland in their fight against big finance, and i congrat them for the 90%. ;)
Entering “Europe” as it is today is no solution: see how “Europe” cares about Greece? When in trouble, they let you down.
To people who invested in Iceland banks: you played, and you lost.
What was the interest rates you intended to make with these investments? 10% ? 15% ? When European growth is what? 3, 5% ?
I consider this behaviour as parasitism.
Someone pays in one way or another for you to make this (dirty) money.
And don’t forget: there are bigger parasites than you. They are the bankers and finance people who made money when you lost it. You lost, Icelanders lost, bankers won. They always win because this
system is entirely corrupted.
England and Holland are attacking the wrong (but easiest) target. They can’t attack bankers.
Keep up the good fight icelanders.
“The Icelandic people are the only ones in the world that can actually stand against governments making private debts public debts. When a private company scams a bunch of English and Dutch marks (suckers) through private banks there is no reason for governments to take that debt on and pass it off on its citizens.”
Let me summarise.
When a Icelandic Bank, regulated, guaranteed and licensed to take deposits by the Icelandic government steals those British and Dutch deposits, its up to the British and Dutch taxpayers to pay for it?
So on the same principle, its the fault of murder, rape and robbery victims becuase ether were asking for it?
Michel, it is a simple matter of Iceland repaying the British and Dutch people for bailing them out, not a war against banks
“So on the same principle, its the fault of murder, rape and robbery victims becuase (your spelling) ether were asking for it?”
Very sad analogy, which shows the state of education. It is the fault of the murderers, the rapists, and the robbers to face their crimes, not the people of a nation. In this case the bankers and corrupt governments not the people of a nation are responsible. Every crime has its perpetrator, the peoples of Iceland are not the perpetrators and owe nothing to those who participated investing or stealing.
I would see no problem in making all those who are part of the crime responsible including the corrupt governments and individuals that facilitated the crimes – not the nations people. However those that lost money on bad investments lost, tough. Ever see a murderer, rapist or robber reimburse the family for their loss? All you get is “justice.”
It is nice to see so many nations peoples watching the Icelandic march, hoping that they show how people could control their governance.
Sir Euro
Who could disagree with you that many International Mafioso’s were at the core of the skullduggery that was Icelandic bank? I think for you, or anyone doubting this, may find this well documented article of the privatization of the bank and the Russian and Icelandic financial terrorist take over of same http://icelandtalks.heidi.1984.is/?p=471 very interesting.
Today’s “democratically chosen” governments are farcical at best. A set of pawns of the various elites is presented through their owned media as the only choice a peoples may have. Choice is for the better of two evils and only evil can win. Participation in the fraud (voting process) is fraud itself. I look to a small country like Iceland to take the lead on showing the other fascists (you may see them as democracies in the EU) nations how people could take control of their lives and freedoms. Change it all.
There are no statesmen in politics anymore. A statesman is an ordinary citizen whose education in civic responsibility takes him to serve a term of his life to governance after which he returns to his real job, say a fisherman. Iceland’s government, like all the miserable “democracies,” is nothing more than a cesspit of corruption with professional politicians or trained monkey shiners sucking what they can from the government teat.
You state quite elegantly “GREED is buying luxury cars, big homes, traveling like rich people abroad, and doing that by mostly taking LOANS from banks” which fits the Dutch, English and most EU “citizens” nicely. I cannot speak for what the average Icelander does as I live in the EU and only have that perspective. I will not make assumptions on Iceland but what you describe in your assessment matches what I see here in the EU (mainly UK, Holland, Germany, France and Spain).
It is really basic. The bank was private. It was a scam led by known, convicted scammers. People had access to the names of the board and CEO and it was rife with corrupt people – known criminals actually. It was private; who got it there is another corruption, being private is fact. Private debt made public while preserving the profit of participants is the corner stone of fascism. Like all confidence games, ponzi schemes and the like, people taken in lose. Let the bank fail along with the person who invested, that is what investment is. You can win, you can lose. You don’t allow a government to pay the debts and expect to tax everyone. Those who played should pay, not nations of people.
It was not the workers in the EU who paid all the principal and interest to the greedy investors trying to make a larger percent on their money, it was the bankers themselves – shuffling data bits as money, not earning anything. Creating more fiat currency, another hallmark of fascism. It was not the Icelanders who scammed the greedy Brits and Dutch, it was Sigurjón Þ. Árnason and Halldór J. Kristjánsson, CEOS along with Björgólfur Guðmundsson, Chairman of the Board and their henchmen in and out of government. All living with their wealth safe in offshore banks, far from where they committed their financial terrorism and able to pay for their medical needs without depending on a government to provide it. No one who actually committed the frauds is in jail and none will be going, this is the injustice of it all. There is no pride in making a nation pay for private frauds. Those investors who took part made investments. They went bad, it tastes bad for the losers, but that is why it is an investment and not a savings.
I would add to Rick’s comment that forcing citizens to secure financial transactions the way it was done by Icelandic gvt thru law can be considered a leonine (sided) contract.
It allowed the crooks one calls bankers to play all the financial games they wanted without really risking anything, “covered” as they were by the public. That’s not business. That’s not banking. That’s pure parasitism.
And btw it happens everywhere on this planet nowadays.
(Sorry for my english).
“However those that lost money on bad investments lost, tough. Ever see a murderer, rapist or robber reimburse the family for their loss? All you get is “justice.””
They are not investments, they are deposits and have to be paid back. I won’t explain the difference again, its been posted on this site several times.
Oh, and a side point you are obviously unaware of, in the UK at least victims of crimes get substantial financial compensation from the government scheme. Rape victims get around £20k, enough in the case of the woman I knew, to persuade her to go through with the court case even though she had no recollection of it and told me she would have had sex with the accused if she was sober.
The Iceland bank was offering about 1% more than our banks when ours offered 5%. So the difference was not huge and people just assumed that the bank were like our banks. The adverts said the deposits were guaranteed by EU/EEA laws/guarantees. We did not know it was an Iceland scam.
When our banks started to fall the British taxpayer stepped in and bought the banks (this protected customers world-wide). Iceland should have done the same. If it did not have the money then Iceland should not have authorised the bank in the first place.