Olafur Ragnar Grimsson, the President of Iceland, has still not announced whether he intends to sign the Icesave Bill into law or not. It is taking an unnecessarily long time, according to Social Democrat MP Sigridur Ingibjorg Ingadottir.
Birgir Armansson, an MP for the Independence Party, disagrees; saying it is understandable as the issue is an important one and there is clearly a gulf of opinion between parliament and the nation at large, RUV reports.
President Olafur Ragnar Grimsson was handed the bill to sign on New Year’s Eve and most bills are signed into law straight away. Finance Minister Steingrimur J. Sigfusson predicted yesterday lunch time that he thought the President would make his decision before the end of yesterday. This proved not to be the case.
You can cry all you like but unless you honour your international committments you cant then complain when the rest of the world refuses to lend you money in the future. I feel very sorry for the Icelanders but its not as though Iceland is being asked to repay all of the lost money. The UK govt has paid a proportion and companies and charities have not been compensated. How does a small city country, population the size of Brighton own uk Football clubs, airlines, retail chains. It bought up the UK high Street. It still owns much of it. Brighton cant even afford to pay for keeping the roads clear of snow.
Markus!
somewere around 13 icelanders ownd those banks, these 13 owner did not only steel from you but from their own citizens.
This agreement you are talking about is never to be found. BUT! the icelandic citizens want to do what is right and the we belive that paying is right even thoug this money has never thougch icelandic ground.
You talk about icelandic citizens greed, why do you think 300.000 people are laughing at you gys now swimming in money that nobody can find?
Iceland will pay but not with 5,5% interest and not by puting our resource as collateral whould that time come that iceland could not pay anymore.
To everyone else reading this.
We will pay that’s the one thing that is no doubt about.
PETER S said:
“The people of Iceland are saying “no” and I think the big boy are worried that a host of other small nations might also say no to the bully boy tactics of international lenders and big governments.”
I agree, Democracy, freedom of speech , human rights, the right of people to refuse debt slavery
all of this scares them, governments of countries like Britain and USA have invested lots of money to enslave its population and gain control of them trough debt and fear, so this Icelandic behaviour is a threat to them and the system they have built,
iceland has decided to stand up to them and im sure we will win this fight, its not going to be easy thoug.
Dear Dean,
nobody forced Iceland to join the European Economic Area and to take part in the Common Market. They chose to do so. They agreed to guarantee the money Dutch and British savers lent them. Nobody forced them to take on these obligations.
Since when is it considered the norm for the productive citizens of a county to be required to cover the failings of a private enterprise?
Once again we see that government interference into the free markets (in this case deposit guarantees) is the surest poison that can be introduced into a nations economy.
The only antidote to such a poison is to remove said government interference, which unfortunately means allowing the collapse and the losses and pain associated therewith.
I hope Iceland’s people will stand against the EU bullies and refuse to accept this load of crushing debt. If they do, I may have to try to visit this surprising county.
Dean, USA
GB said :
>Sure someone has to pay.
>In the end it could be the dutch taxpayer if Iceland will(or can)not pay.
Whole idea of deposit insurance is wrong to begin with.
t create the moral hazard at best, and without it there would have been no IceSave growing to how big it was in the end with all negative consequence for tax payer of Iceland, UK and Holland.
GB said:
>The people who has caused the problems are (in the Netherlands) the Dutch Central Bank who controls the financial markets en the politicians.
I do not think that is really fair — only in sense that Holland politicans were there when EU ( back then called EC European Community ) burecrats did make the horrible laws ( called directives but they are laws ) such as 94/19/EC of 30 May 1994 and allowing pillar of EC freedom of establishment to apply to banks so that they could open branches not subsidiaries in foreign country.
>Why did minister Bos raise the garantees for bank savings from 38.000 to 100.000 euros?
Because if he did not at that time most the money in Hollnad banks like ING would have flowed out to the Irish banks.
( Because Irish did create this rush to increase deposit guarantees to 100.000 Euros when they did it first ).
>Why did Nout Wellink of the Dutch Central Bank let Ice Save operate on the dutch markets?
Because the horrible EU regulations did make them almost power less to stop it happening.
Because he was required to as Iceland, as a sovereign nation, is a member of the EEA and, as such, is required to regulate banks with branches in other EU/EEA members.
A purely internal matter that does not affect the amount that Iceland is on the hook for.
Actually, the NL regulators have come out of this whole thing smelling pretty good, at least from what’s been posted here over the past year or so. They tried as hard as they were allowed to to limit Icesave’s growth.
The same cannot be said for Iceland’s. Ultimately, as has been said, someone has to pay.
They’re not being asked to pay 100%. They’re being asked to pay the first EUR ~20k, with the NL paying up to EUR ~80k on top of that and the individual bank customers paying the rest.
I LIVE IN ICELAND FOR TEN YERAS AN A EX ICELANDIC CITIZEN THEY SHOULD PAY FOR THE MISTAKE OF ICESAVE THINK OF THEM HAVE FUN OWNING BIG CARS,FOREIGN VACATION ,FOREIGNERS WERE TREAT SECOND CLASS CITIZEN, DRINKING AND NO WORK WITH THEIR STUPID VIKING MENTALITY
It’s not the fault of Dutch savers, certainly not. I’m not Dutch, by the way. Iceland made horrible mistakes in the past. Playing the big banker with a currency of very, very small volume. Iceland could and should have joined the Eurozone long ago. It chose not to do so. I still remember Haarde, the former Icelandic PM, touring Britain to tell us how great it is not to be in the EU, but in the European Economic Area. Thus having having all the advantages of the Common Market without being a member of the EU. But that was the mistake. How could Icelandic people still vote for his party in 2009?? It still got more than 20 per cent. Unbelievable. It`s not the fault of the EU. It was the greed of the Icelandic society. And it`s normal that Iceland can only get our money (International Monetary Fund) if it obeys to international laws. British and Dutch savers gave their money to Icelandic banks. We are not speaking about interest, only the cash they paid. Iceland built roads and stuff with our money. Why should the Dutch and British pay AGAIN for the Icelandic paradise. To be honest, I can’t hear this egocentric Icelandic nonsense anymore.
Peter;
Sure someone has to pay.
In the end it could be the dutch taxpayer if Iceland will(or can)not pay.
But there is a moral side on the whole story.
If we have to pay than the people who have caused this problems should be punished first.
The people who has caused the problems are (in the Netherlands) the Dutch Central Bank who controls the financial markets en the politicians.
Why did minister Bos raise the garantees for bank savings from 38.000 to 100.000 euros?
Why did Nout Wellink of the Dutch Central Bank let Ice Save operate on the dutch markets?
The icelandic banksters are guilty but the financial elite in the Netherlands has failed to protect the dutch financial markets.
I don’t think it’s justified that the Icelandic people have to pay the full 100% for this financial mess.
If the ING bank goes bankrupt (not impossible if the markets go down again) than whe also have a big problem in the Netherlands.
Civilians in all countries should fight together against the banking maffia.
The people of Iceland are saying “no” and I think the big boy are worried that a host of other small nations might also say no to the bully boy tactics of international lenders and big governments.
“There is no moral justification that individual civilians should pay for the financial mess of the banking elite. Bring those who are responsible to justice.
Remember; the problems of Iceland today can be the problems of the dutch people in the future.”
You are offering to take the problems of Iceland today and make it a Dutch problem today, very generous of you.
Very odd logic. You are saying that Icelandic people should not pay; well someone is going to have to pay for it and currently that will be you, the Dutch taxpayer.
There is also some good debating going on this thread :
https://www.icenews.is/index.php/2010/01/02/world-watching-iceland’s-president-grimsson/
The durch libertarian blog http://www.vrijspreker.nl has opened a petition to support the Icelandic people in their fight against corrupt banksters en politicians.
There is no moral justification that individual civilians should pay for the financial mess of the banking elite. Bring those who are responsible to justice.
Remember; the problems of Iceland today can be the problems of the dutch people in the future.
For the dutch people; sign this petition;
http://www.petitiononline.com/mod_perl/signed.cgi?NLforIce
I hope thar Grimsson doesn’t make the ice save bill into law.
The people of Iceland did not cause this problem.
They should not have to bare this burden.
Let the UK and Dutch go after the bankers who stole this money.
Stand fast and say no to this bailout.
Tien Kou from the USA
Dear President Grimsson,
As another Dutch citizen, I wish to confirm that I fully agree with the earlier comments made by Mr. Ynse Kalsbeek.
With a total population smaller than that residing in the Amsterdam municipality alone, it will place a dis-proportionate burden on your people.
I do not envy your position but do also think that you should let your people decide.
As a recent visitor to your wonderful country, I consider it a pleasure to have made a small contribution to the Icelandic economy.
Best wishes for 2010!
Yours sincerely,
Herman Auer
How can the president of Iceland in conscience impose liability for the default of the rogue Icesave, a private bank, on the already beleagured citizens of that beautiful land. How has it become an accepted article of faith in some quarters including Ireland, where I come from, that the liabilities of private banks should be foisted on uninvolved citizens. These banks did not operate under a community charter or a social contract with us and have no ultimate guarantee from us, so why is it up to ordinary folk and families to carry the can for their misdeeds? Have courage Mr. President.
Isn’t it obvious that the whole thing is a scam from EU to set the stage for a blackmail of Iceland to abandon all their resources and rights in future EU membership negotiations.
First, put Iceland into impossible to pay debt and crash the economy. Then wait for Iceland come crawling back to EU to beg for help. A disgusting display really, and I’m as a Swede really disgusted with us taking part in this sleazy game against our nordic friends.
My advice to you, just walk away. The whole idea of socializing private debt is fundamentally idiotic. Someone has to get us all back on the right track regarding that and you now have a real opportunity to guide the world. Most people will support you if you do it.
How could this man sign anything that hurts the people of his country. Thank you to the people of Iceland for expressing their negative opinion towards this solution, which is no solution. Peace and Love to you all!
Considering he’s had several months to make up his mind on whether it’s right to saddle the Icelandic taxpayers with the Icesave guarantee, it’s a good thing that Olafur Ragnar hasn’t had to decide quickly on any really important matters of State during the last 13 years, isn’t it?
Dear Sir,
As a citizen from the Netherlands I feel obliged to apologize on behalf of those countymen of mine who suffered a loss due to Icesave falling over. But you must forgive them. They suffer from greed, you see, and it requires strong medicine.
That medicine is a lesson. And that lesson is that need to feel the loss they suffered.
It cannot be that the Icelandic people as a whole will have to suffer for many years because of the greed of some (many foreigners)
Don’t sign the bill, mr President.
Let your people decide.
As for me, a Frisian and frequent visitor of the Nordics, I am plannnig my next holiday to Iceland to contribute a little to the tourist industry
Sincerly,
Ynse Kalsbeek