With final numbers now released in all voting districts, the resounding ‘no’ vote is official.
Nationwide, 144,231 people voted of the roughly 230,000 registered voters. 2,599 (1.8 percent) of them voted to accept December’s Icesave repayment plan and 134,397 (93.2 percent) voted to reject it. The overall turnout was 62.7 percent of registered voters.
The final outcome of the referendum was delayed by the results which have only just been released from the Northeast Iceland voting district, as bad weather had been preventing voting slips being flown to Akureyri from Grimsey island. With the inclusion of the 32 votes from Grimsey, the Northeastern numbers are as follows: 58.28 percent of the district’s 28,587 voters turned out to cast their ballots. 329 voted yes, 15,667 voted no, 899 ballots were empty and 52 were invalid.
BRAVO & Congratulations on Repudiation of the Banking Criminals attempt at fostering Their Debts upon the People of Iceland via Their Cronies in Your Government.
May I suggest that You read something about the American Sentiment towards Your admirable decision:
http://market-ticker.org/archives/2052-Iceland-Now-Finish-The-Job.html
best of Luck in purging Your Government of the hooligans.
Cheers!
John Ralston, Citizen of the United States of America
>best of Luck in purging Your Government of the hooligans.
Actually, this result means that the hooligans are more likely to get back in.
“Huge Iceland ‘No’ vote ”
As a United Kingdom citizen who had modest savings in Icesave, this decision is the correct decision. Good for you, people of Iceland. Don’t let your politicians ‘second guess’ this decision. Well done.
7 of each 10 icelander over 18 who has been living over their possibilities during the last years of “RICH ICELANDERS, WE ARE THE GREATEST AND RICHEST COUNTRY IN THE WORLD”, they have some responsibility in the matter…
Don’t you think so? Where in the world do you see factory workers with only ( and if) primary school diploma, driving mercedes benz, nice volvos and jeeps, and BMW around, traveling to many countries and living like RICH PEOPLE??
I don’t see this style of life in Europe, not even in Switzerland, where most of the people is used to SAVE MONEY. Not like in ICELAND where they have been only WASTING!!
This was well done. I hope that the people of Iceland stand strong under the pressures of the criminal bankers and the criminals in world governments, as well as your own.
Please always remember that whatever the negative sentiments expressed by governments about your financial woes, the ordinary people in those countries don’t feel the same way. During this global financial crisis, many of us have come to the realization that our governments no longer represent the will of the people they govern – at all.
Some of us know there will come a time when we will have to do what you have just done with your referendum vote. I can only hope that the ordinary people in the rest of the world will be a brave as Icelanders.
CONGRATS FOR STANDING UP FOR WHAT IS RIGHT AND THE BANKSTERS. STICK TO YOUR GUNS AS WE SAY IN THE USA.
Iceland: Now Finish The Job
http://market-ticker.org/archives/2052-Iceland-Now-Finish-The-Job.html
A ggod result for democratic expression, provided the Icelandic people keep up the pressure on their politicians.
@John Ralston. A very noble sentiment, urging the taxpayers of Iceland not to pay for banking errors, it will mean that British and Dutch taxpayers would have to pay instead. Are they any more liable because there are more of them?
Fact is, the UK and DK bought all of their investor’s accounts. Now Iceland if faced with only two consolidated account holders, the UK and DK. Entities or persons are not allowed to hold multiple accounts to circumvent IDIGF rules. Therefore these UK and DK “accounts” are guaranteed to the full amount of € 20,887 each per “account”. Sounds just about what they are worth these days!
Unfortunately the Icelandic Depositors’ and Investors’ Guarantee Fund (read FUND, not people or government of Iceland) is DEPLETED. There is no further obligation! Iceland is not required to pay UK and DK the sums of € 20,887 each, not even close to the demand of 5+ billion!
This matter will not be resolved with voting I think. Of course Icelanders are not happy to have their standard degraded from a very wealthy country to a lower standard. Of course they vote “no” if you give them the chance, knowing that they will be suffering the financial consequences for over a decade. I think however, this vote will bring them closer to a financial cliff than ever before, one far greater than a debt that could be paid of in one or two decades.
It’s nice to sympathize with the people of Iceland, but keep in mind that internationally there are few companies and governments that are willing to do business with a country, its companies or its economic institutions when the country is labeled with Junk Status, and has a bad stain on their reputation when it comes to taking responsibility. Apart from that you can expect international actions regarding obtaining assets as well as freezing funds. And that for sure is not a positive thing for Iceland.
Short term thinking guided by sympathetic tunnel vision might not be the safest path to travel. The economic eyes of the world rest upon a nation that is close to convicting itself to the financial stone ages. People are patient, institutes are patient,.. but it won’t last forever. And as well as the people from Iceland want to keep money in their pockets as much as possible,.. British and Dutch victims (in this case each and every single person paying taxes in those countries, not just those directly affected by Landsbanki/Icesave) want to see their money back.
Personally I am willing to take my (tax)loss and let international consequences deal with Iceland. It is not likely that the Icelandic government is going to come up with a way to pay back all debts with approval of their people. There will be more talks soon, and more Iceland citizens that want to vote about whatever comes out of those talks, more voting possibly, and most likely more “no”, because whichever way you twist or turn it the Dutch and British want their money back, their tax payers will not accept paying for a mess “another country” leaves them with; they’re not likely to wait forever. And whichever way you twist or turn it given the huge sum of money involved, there is no burden that will be light enough to deal with if the debt has to be paid back within a reasonable time frame.
Iceland has the basic structures of a badly run company, looking nice when profits are made and money can be spent. Looking bad when it comes to financial responsibility and liability. If it can’t heal itself, the international community should step in to teach Iceland “how to organize a checkbook”.
Good luck with your future, to everyone involved.
Good work Icelanders. You didn’t create the problem and you shouldn’t be saddled with providing the solution. The UK and Netherlands freely agreed to grant banking licences – and by doing so they bear ultimate responsibility for managing the risk of bank default. They should have better assessed counterparty risk, which they clearly did not.
Here’s how it plays out from here:
1. IMF gets “really really angry” .. and maybe even writes you a stern sounding “letter”
2. The UK gets “really really angry” (even though most of her people are not), and given their tie-up in military misadventures in Iraq and Afganistan, settles for writing you a stern sounding “letter”
3. Your currency probably gets devalued and bashed around. (Like that’s something new!)
4. Your currency weakens and imports become more expensive. Good thing you have plenty of fish.
5. Tourists come en masse because it’s “just so cheap”. I would be especially marketing to Brits and Dutch! Maybe an “Icesave Special” :)
6. In five years everything is forgotten – banking and finance, especially global bond markets – are a forward-looking system; no care for the past. Witness Argentina and Russia more recently.
Seriously, good job. Don’t sweat it. Normal progranmming will recommence shortly! :)
As expected this is a great outpour of sentiment in unison and we shall over come all this.
Most ( and maybe best ) discussion so far on this is over in this thread :
http://www.icenews.is/index.php/2010/03/07/1-5-voted-yes-in-icesave-referendum/
( no offense intended to posters in this thread. )
Over there Niels says:
March 8, 2010 at 9:51 am
As is usual when icelandic news hits the headlines all of a sudden a lot of people start posting while their factual knowledge of the matter is very scant.
Reactions range from: “hahaha, do not pay” to “you bunch of cheaters, you mst pay” .
Reality is that this referendum has rejected one particular deal about repaying which, I admit , was not fair towards Iceland..
I loved that page http://market-ticker.org/archives/2052-Iceland-Now-Finish-The-Job.html
“You are a beacon of light in a world of darkness.”
I loved that page
My feelings exactly. Iceland can actually start a new paradigm.
You are the first to be able to give voice to what 90 percent of the world would like to do – reject the bailout. None of us was able to voice what you did, we are tax slaves and cow towed by the elite fascists in power. We allow professional “representatives” to sell us out every minute.
People just forgot how to stand up and make the change. Please remind us all so that we may follow.
” “You are a beacon of light in a world of darkness.”
I loved that page ”
Its embarrassing how utterly ignorant the world’s media is about this vote. Not surprisingly there is a lot of confused people posting here.
Alda, being icelandic, knows what the referendum is about
http://www.guardian.co.uk/commentisfree/2010/mar/08/iceland-referendum-icesave-repay
market-ticker.org is garbage BTW, no idea who it is but its a constant hate rant and the finance industry. I must remove it from my daily reading list, its a waste of band width.
“Most ( and maybe best ) discussion so far on this is over in this thread :
http://www.icenews.is/index.php/2010/03/07/1-5-voted-yes-in-icesave-referendum/
( no offense intended to posters in this thread. )”
@fisy
I agree, but then I’m posting there too :)
Any more details on the ” 60% of Icelanders don’t want to pay at all story?”
Am I bonkers to wonder why the ‘Samfylkingin / Vinstri Grænn’ coalition hasn’t resigned in rank shame? It was they who drafted a Bill to bankrupt Icelanders in perpetuity, it was they who effectively signed the emigration papers for four generations of young (mainly male) Icelanders whilst being willing to condemn generations of children, elderly, and sick left behind to lives without social assistance and health care (and dared to call themselves ‘socialists’ and ‘feminists’ while they did so), it was they who held parliament to ransom to get it onto the statute books.
Then it was only your President who managed to stop it by refusing to sign it into law, and now nearly 60% of the entire adult population of Iceland has actively voted to reject it despite the coalition continuing to tell lie after lie in the hope they could create enough apathy to prevent the vote from being held (even though all along the coalition knew full well how vitally important that referendum outcome would be).
Talk about brass necks! Still I guess now your politicians can go back to outlawing fizzy drinks in Iceland.
I urge everyone to side with Icelanders and Iceland in their outright rejection of IceSave. The handful of dysfunctional Bankers of Iceland cannot bankrupt their entire nation any more than the handful of dysfunctional Bankers of Greece, Ireland or Dubai can bankrupt their nations. Tough luck to all the Foreigners who put so much of their money into pyramid scheme accounts and commercially invalid paper. It would be interesting to learn how many Icelanders actually lost their money in this reckless adventure. It’s simply a banking failure because there is no deposit insurance large enough to cover the losses of such drunken excess. Iceland – or any other country – should never have been turned into their own personal Las Vegas. This has certainly united the people of Iceland like never before. Stand up and support them. Their cause is everyone’s!
@Jakespeare
First you play Mr. Popular by trying to show how the victims are the people of Iceland, while these same people have benefited from those “pyramid scheme accounts” directly or indirectly. You then say something totally outrageous like “Tough luck to all the Foreigners who put so much of their money into pyramid scheme accounts and commercially invalid paper.”. By saying that you completely validate the actions of the whole banking system in question which was monitored by Iceland itself. You also show your double standards by showing full support for Icelandic inhabitants, but you fail to mention the real victims that in may cases put all their savings and their entire future into the hands of a bank that being watched by a country that should have stuck to fishing.
On top of that you ask the whole world to stand with Icelandic people, while those same people are responsible for a broken and signed agreement. How can you expect any person, country, government or company to trust a country that not only allows its financial system to be such a mess, but also shows how easily it will break a signed deal? Iceland has portrayed itself in more ways than one, that it can’t be trusted. Iceland has chosen to walk the financial path, it has cashed those checks, benefiting each and every individual in the country. And now it breaks a deal and tries to walk away from responsibility. I really think you need to dive into the facts and history about how this whole situation was given birth to. Iceland smelled money and went for it; it did not become one of the wealthiest countries on the planet by selling fish.
If Iceland will be allowed to become a member of the EU I will move out of the EU. It’s bad enough to have fraudulent EU members like Greece,.. but it’s beyond any form of logic to allow a country into the EU that has shown to be financially unstable, financially nontransparent and untrustworthy when it comes to agreements. Allowing Iceland after what it has shown now will lead to total devaluation of the Euro.
Warneford wrote:
>Am I bonkers to wonder why the ‘Samfylkingin / Vinstri Grænn’ coalition hasn’t resigned in rank shame?
No you are not. It is because they have no honour.
ohcanadamovie or money machanics should be watched to show icelander’s how the banks are fraudster’s.
This attached file explains the USA/Canadian system but alot of countries have similar banking setup’s and it is an eye opener to know that the banks have no money and are creating there own money out of nothing and backed by nothing!!!!! Why should ICELAND pay back money that does not exist and how the bank contracts are fraud!!!! Then the “world bank ” comes in for the rescue and unknown to most that they are responsible for the system setup and failure in the first place… Only to first bankrupt you then sell you a deal when your desperate!!!
Hey APS, the Icelandic people dont want to join the EU because we know you will steal our fish and warm water energy if we do. And breaking what deals and walking away from responsibilites? We the icelandic people didnt make any deals or bind ourselves to any responsibilities. those deals and responsibilites were promised by icelandic officials who nobody wants in control. The icelandic senate has been slowly selling off iceland to make a buck. We icelandic people have good faith in others and believe everyone has a little good in them so we tend to trust people easily. And how are icelandic people not victims in this? some people lost their savings yes, but most icelandic people also lost their savings, many lost their houses, their jobs, their cars, their friends and their whole lifes. My family had too options, move from iceland and look for work or start to work labour work for almost no money. Which would have been seriously hard seeing as we had loans on our house and car(which i find stupid, but not long ago we were most farmers and fishermen and we are not used to these banking system rules and were told that everything would go okay.) Seeing as my parents are both well educated people they moved to another Scandinavia country. We lost our way of living, we are doing okay now but we have no money and we really cant buy anything, we are living like people from Poland now. And i dont see the people from United Kingdom or Netherlands having to go through this. Everything that is imported to iceland(which is alot seeing as we dont really have an industry) is VERY EXPENSIVE NOW much more then in most countries. And what did we really gain from this good economic period we had, sure we got to live a little luxury but not really. My family had a nice house and a nice car, but we were always saving, we had to save alot so we could go to other countries on vacation. We only bought the cheapest vacations, and after every vacation we had to eat less and spend very little on food and necessities the following months. There are many families who have had to move from Iceland to other countries because of the crisis and its hell for a family with 3 teenagers to move to another country away from all of our friends and family. I have lost all contact with my father and i never speak to my grandfather or grandmother anymore. And if you say icelandic people are to blame for this…well sir…with all do respect…you are IGNORANT. We the icelandic people dont have so much to say in politics here, we try but we never know who is the right candidate to vote to represent us. They have all betrayed us because they have been corrupted by people with money. The same has happened in the USA. It doesnt matter who you vote for their, you always get the same result. I do admit that icelandic people were blinded by the money, because we have never had any money and we have been a poor nation for as long as i know. Where on the other hand Netherlands and United Kingdom have been rich for as long as i remember. Not to mention that around the year 1000 a.d. icelandic people helped the English king to take over the rest of the land and Englishmen actually spoke icelandic. But no one remembers that now and all you brits see is the money, you dont care about anyone else but yourselves. We may not have much money, but we are good people and we try to help those who we can help. Thank you for reading this if you did i know it was long.
>Thank you for reading this if you did i know it was long.
And unformatted!
Fish and warm water energy?
As for the energy there’s pretty much nothing left that hasn’t been sold already – and that was a huge mistake.
Right now you should put more effort in keeping your fishing grounds while joining the EU than into stupid protests.
Iceland is in a rather delicate position where even the most insignificant international political or economical disagreement could prove fatal.
You can’t even dream of support from the Americans, Europe generally doesn’t give a **** about countries only bull****ting around and I’m pretty sure you are out of stuff to sell to the Canadians.
Maybe the people protesting the EU should consider reality before acting so full of themselves.
The only power company in Iceland that has been sold is HS Orka, it is a geo-thermal company that has about 10% of the Geo-thermal energy production in Iceland, in Iceland ca 70% of electricity comes from Hydro energy and the remaining 30% from Geo-thermal powerplants,
so HS Orka is actually relatively small,
it was sold to a Magma, a Canadian company, trough a Swedish shell company created for that purpose alone, the legality of the deal is highly questionable and it may still fall trough.
it is quite possible that Iceland ends up bankrupt, if that happens i am sure others will follow, and the list is long.
“Right now you should put more effort in keeping your fishing grounds while joining the EU than into stupid protests.”
That is the only subject Iceland really needs to ring fence and one that the EU has stated its willing to be very flexible on. The EU report stated that they would rewrite the Common Fisheries Policy around Iceland, but you don’t hear Icelanders talk about that much.
“it is quite possible that Iceland ends up bankrupt, if that happens I am sure others will follow, and the list is long.”
Why is Iceland’s bankruptcy connected to anybody else’s.
“Why is Iceland’s bankruptcy connected to anybody else’s.”
Peter – the Icelandic ‘a pox on you all’ attitude is fascinating. Axel, as others seem to desire others sharing their fate.
http://www.icenews.is/index.php/2009/12/12/questions-surround-central-bank-of-iceland-lending-practices/#comment-105948
The explanation may be as simple as ‘misery loving company’ – as Bromley86 points out.
http://www.icenews.is/index.php/2009/03/16/kaupthing-uk-legal-case-makes-high-court-progress/#comment-68961
However, listening to recent comments made by leaders of Iceland and Ireland – the difference could not be more stark, in terms of acceptance of responsibilities and liabilities.
http://www.youtube.com/watch?v=db7Dc51fNi8
http://www.bbc.co.uk/news/business-11423034
“Why is Iceland’s bankruptcy connected to anybody else’s.”
Other states, like Greece and Ireland for example are on the verge of bankruptcy, the longer they wait the harder the fall will be, if they see a developed western state declare bankrupty it will be easier for them to throw in the towel, and im sure they will.
As i see this, if Iceland would declare bankruptcy and Greece and Ireland would do the same, it would be the first real sign of recovery,
That way the money used to inflate the bubble who created this debt mountain those nations are hoplessy trying to climb would be reduced to its original value, whitch is nothing.
Spain and Porugal are likely candidates for bakruptcy as well,
much of E-Europe is equally sc**ed.
The Swedish banks were hevily involved in the E-Europe bubble and in Ireland, i wonder how badly they were hit.
“if Iceland would declare bankruptcy and Greece and Ireland would do the same, it would be the first real sign of recovery”
As a matter of fact sovereign states do not, indeed cannot, declare themselves bankrupt. The actual mechanism is that they simply stop paying back (either fully or partially) debts as they become due. In modern times (since the end of WWII) the real sign to the world that a country is “bankrupt” is to call in the IMF. The IMF plays the same role as an administrator when a company goes bankrupt – namely it attempts to restructure the debts (forgive, reduce, roll-over, partially pay-down through asset disposals) of the state to the satisfaction of all the debtors. It also restructures the economy of the country to ensure that a repeat doesn’t happen. If it is successful in both these endeavours then the rest of the world will be happy to trade with the country (they are confident that trade debts will be honoured in the new restructured economy) and also open to lend money to the country.
Iceland _is_ bankrupt. No doubt about that in any financial circles. It cannot pay back its debts (I’m talking about the state), it has no means of raising any money at the moment, there is no normal trade or foreign exchange ongoing with the country, and the IMF is administering the country.
I agree that Ireland and Greece are close to this situation, and without the euro and membership of the EU they too would have collapsed. They may yet do so. But by having very big friends (reluctant ones) who are prepared to support them during restructuring they have been saved them so far. Both countries are attempting a form of self-administration (guided by Germany etc).
But returning to Iceland one of the big problems is that it is now almost two years since the collapse and very little has been achieved. The debts remain outstanding, issues are unresolved, and the population at large has not focussed on the key issue: the need for the country to earn a living rather than borrow. I cannot see any political party in Iceland (I was there a few weeks back) coming up with a set of credible policies for the restructuring of the economy. Surprisingly, Steingrimmur is the only one talking any sense but he is a lone voice in a cacophony of political heckling and pointless debates.
What can be done? Let me give you a list of possibilities:
1. Tradable fishing quotas need to be scrapped and the rights taken back by the government – with no compensation (the country is bankrupt remember). In essence this will nationalise the fishing industry. Notoriously nationalised industries are inefficient, and no doubt the new fishing industry will be (civil servants don’t make good commercial managers) but the arrangement will ensure that any income stream from the business ends up in the pocket of the government rather than a few (rather selfish) individuals.
2. Health tourism should be organised on an industrial scale. Iceland is awash with unused medical capacity and this could be used to generate enormous amounts of money for straightforward procedures. At the moment they are just playing.
3. The tourist industry in Iceland is run as a rather amateurish and fragmented set up with individual providers vying to “rip off” visitors. The state should set up a company to organise “packaged” trips. These would be cheap because they used economies of scale and were organised to reduce transaction costs. (Example: spring skiing tour of Iceland. Fly in the Keflavik. Then fly on to Isafjordur. Exciting and long bus trip to Akureyri. Bus trip to Egilstadir/Oddskard (stopping off at the lone drag at Myvatn). Couple of nights at each place. Fly from Egilstadir back to Keflavik and out the country. Could be varied for those wanting cross-country skiing.)
4. Universities: scrap or merge HR, HA, Bifrost etc into a single countrywide institution HI (huge saving in the current inefficient admin costs). BUT, HI itself would need major restructuring – it would need to be autonomous of government which would mean it should be free to employ its own staff on its own terms (if the academic staff don’t shape up they are sacked), free to recruit students on its own terms, free to organise its own degrees. A board of governors would be needed to oversee proper stewardship etc. HI needs to become a proper university embedded in the international academic community rather than a little localised poor-grade community school. Hence – needs to recruit world-class (international) academic staff. Also needs to recruit large numbers of international full fee-paying students. (A plan I saw for HA envisioned an income of 5-10 million USD a year for HA alone. That was rejected by the university authorities and education ministry in 2005. A new larger HI could easily generate 50 million USD a year in foreign income. That would involve a further 50 million USD of spending each year by the visiting students. Result? In ten years one billion USD of debt paid down for almost zero outlay. Try this: where do the students live? All the empty/half completed apartments throughout the country. The students move out during summer making way for tourists. Hugely efficient.)
5. Data centres. Complete cock-up at the moment. The country needs to re-employ the team that set up the first data centre up in Akureyri (at HA in fact). Those people were recently sacked by the university (this summer) which is the real reason why the data centre investors have backed away from Iceland. If the country cannot employ the necessary experts who came up with the idea and sack them because they are foreigners then should the country be trusted? Indeed, the country no longer has the capability to support the initiative. A good case of Icelanders killing the foreign golden goose. The HA proposal for data centres envisaged an income of about 50-100 million USD a year – again for little investment.
6. The entire country needs to be sorted out to run efficiently. Everything is so messed up it beggars belief when you look at it. Here is my favourire example (again from Akureyri!). Look at this map of the bus routes around town:
http://www.akureyri.is/media/vefmyndir/akureyri/pdf/SVA_Forsida2010.pdf
The regular white shape in the bottom right of the picture is the runway of the airport. Slightly off the map to the south is the terminal building. The buses do NOT visit the airport!!!!! They actually approach it (about 300 metres) and then turnaway. So anyone arriving either has to have private transport or use a taxi. If you ever tackle someone about this glaring inefficiency it is explained that this trade keeps the taxi drivers in work!!!! Well, simple economics tell you that if you suck money out of the system at one place it is lost elsewhere – so the taxi drivers only keep their job at the expense of someone else loosing theirs. (If you cannot understand the point consider this little story about Keynes. He visited a country in which there were public works ongoing. He visited a building site. Lots of men with spades. When he asked “Where are the machines?” it was explained that the project was to keep these men employed. Keynes replied: “If that’s the case give all the men spoons instead of shovels!” I hope you now see the lunacy of why keeping the taxi drivers in work is such a stupid argument.) Until the buses in Akureyri (and Rvik) run to organised, efficient routes and timetables Iceland will continue to lose money and be poor. Buses in any country are a good measure of the overall economic efficiency of the place. Iceland is bottom in both the buses league table and economic efficiency.
I like your ideas Mike, specialy regarding the universitys, the main problem that infects everything in Iceland is politics,
we need to solve that first, when we manage to do that all other problems can be solved,
the only way i see is to ban the 4 main partys from politics permanently and dissolve Althingi, we can use some alternative system until we have created a new system of government that can not be corrupted.
This is possible and we have at least 2 options, the MP’s know they are skating on very thin ice and thats why you dont hear any cry’s for elections anymore from the gov opposition
I wish i could share your optimism about the IMF, what they have done in Iceland looks promising, but when i look at their track record i would want to see this trough before saying anything more.
About the Bus vs Taxi thing in Akureyri, the public transport in Akureyri is free, that gives them a advantage to the Taxidrivers because they still have to make money to run their businesses,
if this (one and only) taxi station goes belly up because of lost revenues, the tourists who prefer taxis over public transport will be very unhappy.
We applaud Iceland citizens referendum NO vote to the UK & Netherland banks compensation scheme.
Why should they have to pay up for the misdeeds of the Icelandic corrupted politicians and fraudulent bankers ?
Did they were participating to their previous profits ?
Banks, Funds & Private Investors who put their cash into EU bankrupt banks & junk Government Bonds, knew they were taking a high risk, as they were receiving interest rates well above the average market rate.
Why should the general public of EU, entirely unconnected to the banking & financial sectors, be expected to compensate Investment Banks, Funds & Private Investors losses or stump up the money that EU politicians spent trying to buy votes?
This is the reason we suggest to all Greek Citizens to follow Iceland’s example, asking for a similar referendum in Greece.
We’re sure that Greek NO vote should be higher than 90%.
Follow us at http://www.stopspeculators.gr.
Dr. Kiriakos Tobras