Icelandic voters oppose paying for bankers’ mistakes

This video says about itself:

Protest today in Reykjavik – Iceland.

At the end of the video — flags of the Icelandic bank – Landsbanki – is burned .

People where protesting the Icelandic central bank and the Goverment.

From Al Jazeera:

‘Payout plan’ angers Iceland voters

Iceland’s president is facing pressure to halt the repayment of $5bn to British and Dutch savers who lost their money when the island’s banks collapsed over a year ago.

Nearly a quarter of Icelandic voters have signed a petition asking Olaf Ragnar Grimsson to veto a bill sanctioning the repayment and organise a referendum on the issue, organisers said on Saturday.

Hundreds of people, some carrying flares, gathered outside Grimsson’s residence to submit the petition.

Parliament earlier narrowly approved an amended version of the bill to reimburse Britain and the Netherlands for the amount lost by their savers who had deposited funds in high-interest “Icesave” online savings accounts.

But the Grimsson has yet to sign it into law and 23 per cent of the island nation’s electorate – 56,089 people – have signed the petition, organisers said.

‘Huge risk’

The Icesave deal is deeply unpopular with the Icelandic population and there is widespread feeling that taxpayers are being left to foot the bill for mistakes made by financial firms operating under the watch of other national regulators.

InDefence, the group responsible for gathering the signatures, said the Icesave legislation represented a “huge risk” for Iceland’s economic future.

“All projections based on realistic assumptions … showed without doubt that Iceland would be unable to meet the payments stipulated by the Icesave loan agreements as set out in the disputed legislation,” a statement from the group said. …

Passing the Icesave legislation would also boost Iceland’s hopes of swift entry into the European Union, a move Iceland’s population is only lukewarm about.

Icesave was an online subsidiary of Iceland’s Landsbanki bank, which had to be rescued in October 2008 as the global credit crunch hit.

See also here. And here.

Icelanders kicked off a “Vote No” campaign on Wednesday ahead of a national referendum on their government’s agreement to repay £3.65 billion to Britain and the Netherlands: here.

Police arrested two former senior executives of Iceland’s failed Landsbanki bank on Thursday night over allegations of market manipulation: here.

2 thoughts on “Icelandic voters oppose paying for bankers’ mistakes

  1. Pingback: Icelandic banksters jailed | Dear Kitty. Some blog

  2. Pingback: Poor children in rich countries | Dear Kitty. Some blog

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