Well its gonna happen sooner or later with a shrinking economy and a real lack of willingness or ability to fork out any more money to these w**ker bankers a referendum is the only way for enda to pull the plug on the bank guarantee and save face. its already in the pipe the icelanders are already in ireland to explain to our dummies how to do it and what to do when it does happen. we already have people calling for the printing of punts to have them ready for the eventuality. how will you vote and why didn't fainna fail do this before they saddled us with other peoples debt. i reckon this wont be a Lisbon they wont have to run this one twice what are we waiting for..?
Why is a nordie starting this thread. Its none of your business now run along.
Must I also point out something. If default happens how do people expect to repay their EURO mortgage with a seriously devalued "Punt"
is he away yet.. ::) back to discussion... default is a fact. if we dont do it soon we are just prolonging the agony. icelandic advisers are in ireland as i post.. if we dont make a move by 2015 the ec will do it for us because they want their money back so its them or the bondholders.. remember the radio ads "the value of your investment can go up as well as down.." sorry bondholders better luck next time
leo varadkar today says there will be no referendum "its out of our hands."
when asked was europe calling the shots? "yes they are"
what a shocking statement! :o i thought slavery was abolished :o this is the party who were gonna change things they cant even put the issue to the public.. so the jackboot has finally found its home- on the neck of the irish people!
another outside power enslaves the paddy.. CROPPY LAY DOWN!
thanks bertie,brian,brian, enda,eamon..
Maybe I don't totally understand how this works but surely the mathematics/economics call the shots whether Europe likes it or not.
The point is Ireland can't hold a referendum because Europe says so, according to Varadkar. If thats the truth then democracy is dead in this country.
To have democracy you need to have some money of your own.
Otherwise it's a case of he who pays the piper calls the tune. :-\
whats money got to do with it, either we run the country or we dont. if we dont run the place whats the point in having elections why are we paying these monkies..? if we tell europe to shove it what are they gonna do evict us?
Quote from: lawnseed on April 04, 2011, 10:25:02 PM
whats money got to do with it, either we run the country or we dont. if we dont run the place whats the point in having elections why are we paying these monkies..? if we tell europe to shove it what are they gonna do evict us?
Can't see Carmeron doing that.
Quote from: thebigfella on April 04, 2011, 10:43:14 PM
Quote from: lawnseed on April 04, 2011, 10:25:02 PM
whats money got to do with it, either we run the country or we dont. if we dont run the place whats the point in having elections why are we paying these monkies..? if we tell europe to shove it what are they gonna do evict us?
Can't see Carmeron doing that.
we need iceland to take over.. ? are we fukn slaves destined to spend our lives and our kids paying off bankers gambling debts?
i know sinn fein are in election mode again but i cant believe they are so quite on this.. very disappointed in their response
Quote from: lawnseed on April 04, 2011, 10:51:37 PM
Quote from: thebigfella on April 04, 2011, 10:43:14 PM
Quote from: lawnseed on April 04, 2011, 10:25:02 PM
whats money got to do with it, either we run the country or we dont. if we dont run the place whats the point in having elections why are we paying these monkies..? if we tell europe to shove it what are they gonna do evict us?
Can't see Carmeron doing that.
we need iceland to take over.. ? are we fukn slaves destined to spend our lives and our kids paying off bankers gambling debts?
i know sinn fein are in election mode again but i cant believe they are so quite on this.. very disappointed in their response
Why would Sinn Fein be banging on about the Southern debt in the assembly elections? It's of zero relevance to the majority of northern voters.
By the way are your kids educated in the north or south? Which government do you pay tax too? Which part of Ireland do you live in or registered to vote in? If the answers above are what I expect, your not part of the we who 'should' get a say and it won't be an all Ireland referendum for obvious reasons.
PSTG had a point ;)
Quote from: thebigfella on April 05, 2011, 09:38:00 AM
Quote from: lawnseed on April 04, 2011, 10:51:37 PM
Quote from: thebigfella on April 04, 2011, 10:43:14 PM
Quote from: lawnseed on April 04, 2011, 10:25:02 PM
whats money got to do with it, either we run the country or we dont. if we dont run the place whats the point in having elections why are we paying these monkies..? if we tell europe to shove it what are they gonna do evict us?
Can't see Carmeron doing that.
we need iceland to take over.. ? are we fukn slaves destined to spend our lives and our kids paying off bankers gambling debts?
i know sinn fein are in election mode again but i cant believe they are so quite on this.. very disappointed in their response
Why would Sinn Fein be banging on about the Southern debt in the assembly elections? It's of zero relevance to the majority of northern voters.
By the way are your kids educated in the north or south? Which government do you pay tax too? Which part of Ireland do you live in or registered to vote in? If the answers above are what I expect, your not part of the we who 'should' get a say and it won't be an all Ireland referendum for obvious reasons.
PSTG had a point ;)
your obnoxious attitude highlights why the south is fu*ked. It has everything to do with us as it's an island economy, NI's biggest export destination is the south, 10% of the UK's exports, which governs the north. It affects the majority of people in the north as the economies are so intrinsically linked and intertwinned, your complete lack of the grasp of 101 economics says it all, but then what would you expect from a pig but a grunt ::)
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
Quote from: IolarCoisCuain on April 05, 2011, 10:57:40 AM
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
at last a relevant response!
iolarcoiscuain I'm not overly sure what way it should be worded but i know we have to stop borrowing money to prop up our failed banks. what should have happened 2 years ago was to let the whole lot fail and create a government bank or nationalise one of the banks probably bank of ireland.
you say we cant just turn off the switch.. zimbabwe ditched their own dollar and adopted the US dollar thus eliminating inflation and stabilising their economy- inflation was 50% PER DAY :o
Our hands are not tied we may have to crash our economy completely to restart it.. better that than have it rot away before our eyes and be enslaved.
the bondholders don't expect to get paid at this stage alot of them have already traded off our debt and taken the pain.
back to the referendum question- probably something similar to what iceland asked its citizens
Quote from: lawnseed on April 05, 2011, 09:05:17 PM
Quote from: IolarCoisCuain on April 05, 2011, 10:57:40 AM
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
at last a relevant response!
iolarcoiscuain I'm not overly sure what way it should be worded but i know we have to stop borrowing money to prop up our failed banks. what should have happened 2 years ago was to let the whole lot fail and create a government bank or nationalise one of the banks probably bank of ireland.
you say we cant just turn off the switch.. zimbabwe ditched their own dollar and adopted the US dollar thus eliminating inflation and stabilising their economy- inflation was 50% PER DAY :o
Our hands are not tied we may have to crash our economy completely to restart it.. better that than have it rot away before our eyes and be enslaved.
the bondholders don't expect to get paid at this stage alot of them have already traded off our debt and taken the pain.
back to the referendum question- probably something similar to what iceland asked its citizens
Iceland's unemployment quadrupled after their default and Zimbabwe!
Some serious research needs to be done first. Default is disastrous, the question is 'is it less disastrous?'.
Quote from: muppet on April 05, 2011, 09:19:49 PM
Quote from: lawnseed on April 05, 2011, 09:05:17 PM
Quote from: IolarCoisCuain on April 05, 2011, 10:57:40 AM
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
at last a relevant response!
iolarcoiscuain I'm not overly sure what way it should be worded but i know we have to stop borrowing money to prop up our failed banks. what should have happened 2 years ago was to let the whole lot fail and create a government bank or nationalise one of the banks probably bank of ireland.
you say we cant just turn off the switch.. zimbabwe ditched their own dollar and adopted the US dollar thus eliminating inflation and stabilising their economy- inflation was 50% PER DAY :o
Our hands are not tied we may have to crash our economy completely to restart it.. better that than have it rot away before our eyes and be enslaved.
the bondholders don't expect to get paid at this stage alot of them have already traded off our debt and taken the pain.
back to the referendum question- probably something similar to what iceland asked its citizens
Iceland's unemployment quadrupled after their default and Zimbabwe!
Some serious research needs to be done first. Default is disastrous, the question is 'is it less disastrous?'.
It's gas to me how people talking about "pain" and "enslavement" and then think defaulting on debt will bring less "pain" and "enslavement." Lads, this is the big rock candy mountain compared to what a default would do.
And if we do default, and we're there queuing three hours for a loaf of rationed bread in the shops, how exactly will be restore the economy then? With whom will we trade? Not Britain or Continental Europe - we just stiffed them for a lot of dough. Don't see the Yanks hanging around. With whom do we trade?
Quote from: muppet on April 05, 2011, 09:19:49 PM
Quote from: lawnseed on April 05, 2011, 09:05:17 PM
Quote from: IolarCoisCuain on April 05, 2011, 10:57:40 AM
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
at last a relevant response!
iolarcoiscuain I'm not overly sure what way it should be worded but i know we have to stop borrowing money to prop up our failed banks. what should have happened 2 years ago was to let the whole lot fail and create a government bank or nationalise one of the banks probably bank of ireland.
you say we cant just turn off the switch.. zimbabwe ditched their own dollar and adopted the US dollar thus eliminating inflation and stabilising their economy- inflation was 50% PER DAY :o
Our hands are not tied we may have to crash our economy completely to restart it.. better that than have it rot away before our eyes and be enslaved.
the bondholders don't expect to get paid at this stage alot of them have already traded off our debt and taken the pain.
back to the referendum question- probably something similar to what iceland asked its citizens
Iceland's unemployment quadrupled after their default and Zimbabwe!
Some serious research needs to be done first. Default is disastrous, the question is 'is it less disastrous?'.
acumulating this debt and foisting it on the people of ireland was/is the disaster. your right both these countries experience short periods of turmoil and upheaval but this passed quickly and although they are not out of the woods at least they are the masters of their own destiny and not taking orders from somewhere else. our country is not lost we just have to take ownership of the place and treat it with some respect, we need someone to lead who is unfettered and uninfluenced by parochial politics or croneyism and big business and someone who isnt just there to feather their own nest... not easy
Scaremongering re default is just that. Lads the fact of the matter is that there will be a default/restructuring of the debt. It's inevitable. We cannot afford the repayments. As i said earlier in the thread we need to act for the citizens not the banks of Europe. Tell the ECB/IMF that we will pay off the debt over 100 years or so and if they don't like they'll get nothing. The single Euro currency project is dead in the water as one size does not fit all
I suggested last year that we should approach other countries for loans e.g China,Brazil, etc as I'm sure they would love to get an in into the Eurozone.
The current strategy is slowly killing our country and will devastate the country for the next 20 years or so. There is no chance of us recovering within the confines of the current system. The system is broken. The head of the leading HEdge fund in thew world says it's unfair and they are not exactly bleeding heart socialists. The German and French banks are knackered and the whole edifice is collapsing. Deposits are fleeing the Irish banks , Portugal is next. I was told last year to take whatever savings I had out of Ireland and buy gold/silver or Swiss francs.
I'm relatively lucky in that my personal debt isn't great and mortgage is manageable - assuming I remain working - but when the kids are finished college I'm gone to pasture anew. Ireland Inc is kaput
Quote from: IolarCoisCuain on April 05, 2011, 09:51:41 PM
Quote from: muppet on April 05, 2011, 09:19:49 PM
Quote from: lawnseed on April 05, 2011, 09:05:17 PM
Quote from: IolarCoisCuain on April 05, 2011, 10:57:40 AM
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
at last a relevant response!
iolarcoiscuain I'm not overly sure what way it should be worded but i know we have to stop borrowing money to prop up our failed banks. what should have happened 2 years ago was to let the whole lot fail and create a government bank or nationalise one of the banks probably bank of ireland.
you say we cant just turn off the switch.. zimbabwe ditched their own dollar and adopted the US dollar thus eliminating inflation and stabilising their economy- inflation was 50% PER DAY :o
Our hands are not tied we may have to crash our economy completely to restart it.. better that than have it rot away before our eyes and be enslaved.
the bondholders don't expect to get paid at this stage alot of them have already traded off our debt and taken the pain.
back to the referendum question- probably something similar to what iceland asked its citizens
Iceland's unemployment quadrupled after their default and Zimbabwe!
Some serious research needs to be done first. Default is disastrous, the question is 'is it less disastrous?'.
It's gas to me how people talking about "pain" and "enslavement" and then think defaulting on debt will bring less "pain" and "enslavement." Lads, this is the big rock candy mountain compared to what a default would do.
And if we do default, and we're there queuing three hours for a loaf of rationed bread in the shops, how exactly will be restore the economy then? With whom will we trade? Not Britain or Continental Europe - we just stiffed them for a lot of dough. Don't see the Yanks hanging around. With whom do we trade?
it takes 3 hours to get a loaf in iceland..?
i think your missing the point theres not an economist in ireland whos not predicting default by the end of 2012 or early 2013 government borrowing is up on this period last year and thats with the cuts and the extra taxes. the country IS BANKRUPT we are living on handouts to pay the interest on debts acumulated by crooks and traitors, our politicians are merely administrators for the ecb. we were'nt happy under the crown what makes you think our new rulers are going to be any better
Quote from: lawnseed on April 05, 2011, 10:15:47 PM
Quote from: IolarCoisCuain on April 05, 2011, 09:51:41 PM
Quote from: muppet on April 05, 2011, 09:19:49 PM
Quote from: lawnseed on April 05, 2011, 09:05:17 PM
Quote from: IolarCoisCuain on April 05, 2011, 10:57:40 AM
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
at last a relevant response!
iolarcoiscuain I'm not overly sure what way it should be worded but i know we have to stop borrowing money to prop up our failed banks. what should have happened 2 years ago was to let the whole lot fail and create a government bank or nationalise one of the banks probably bank of ireland.
you say we cant just turn off the switch.. zimbabwe ditched their own dollar and adopted the US dollar thus eliminating inflation and stabilising their economy- inflation was 50% PER DAY :o
Our hands are not tied we may have to crash our economy completely to restart it.. better that than have it rot away before our eyes and be enslaved.
the bondholders don't expect to get paid at this stage alot of them have already traded off our debt and taken the pain.
back to the referendum question- probably something similar to what iceland asked its citizens
Iceland's unemployment quadrupled after their default and Zimbabwe!
Some serious research needs to be done first. Default is disastrous, the question is 'is it less disastrous?'.
It's gas to me how people talking about "pain" and "enslavement" and then think defaulting on debt will bring less "pain" and "enslavement." Lads, this is the big rock candy mountain compared to what a default would do.
And if we do default, and we're there queuing three hours for a loaf of rationed bread in the shops, how exactly will be restore the economy then? With whom will we trade? Not Britain or Continental Europe - we just stiffed them for a lot of dough. Don't see the Yanks hanging around. With whom do we trade?
it takes 3 hours to get a loaf in iceland..?
i think your missing the point theres not an economist in ireland whos not predicting default by the end of 2012 or early 2013 government borrowing is up on this period last year and thats with the cuts and the extra taxes. the country IS BANKRUPT we are living on handouts to pay the interest on debts acumulated by crooks and traitors, our politicians are merely administrators for the ecb. we were'nt happy under the crown what makes you think our new rulers are going to be any better
There is a massive difference between default and restructuring. We need it to be the latter, if we pulled the plug last week it would have been the former.
Quote from: Declan on April 05, 2011, 10:10:52 PM
Scaremongering re default is just that. Lads the fact of the matter is that there will be a default/restructuring of the debt. It's inevitable. We cannot afford the repayments. As i said earlier in the thread we need to act for the citizens not the banks of Europe. Tell the ECB/IMF that we will pay off the debt over 100 years or so and if they don't like they'll get nothing. The single Euro currency project is dead in the water as one size does not fit all
I suggested last year that we should approach other countries for loans e.g China,Brazil, etc as I'm sure they would love to get an in into the Eurozone.
The current strategy is slowly killing our country and will devastate the country for the next 20 years or so. There is no chance of us recovering within the confines of the current system. The system is broken. The head of the leading HEdge fund in thew world says it's unfair and they are not exactly bleeding heart socialists. The German and French banks are knackered and the whole edifice is collapsing. Deposits are fleeing the Irish banks , Portugal is next. I was told last year to take whatever savings I had out of Ireland and buy gold/silver or Swiss francs.
I'm relatively lucky in that my personal debt isn't great and mortgage is manageable - assuming I remain working - but when the kids are finished college I'm gone to pasture anew. Ireland Inc is kaput
vote for declan ;) you have it. some of the european banks who our wankers got money from were already zombie banks who lent and lent and lent because it was the only business they were doing.. and now they/we are fukd our european "friends" are standing hands out looking for money that these banks never had in the first place
Quote from: muppet on April 05, 2011, 10:20:10 PM
Quote from: lawnseed on April 05, 2011, 10:15:47 PM
Quote from: IolarCoisCuain on April 05, 2011, 09:51:41 PM
Quote from: muppet on April 05, 2011, 09:19:49 PM
Quote from: lawnseed on April 05, 2011, 09:05:17 PM
Quote from: IolarCoisCuain on April 05, 2011, 10:57:40 AM
Just for the sake of argument lawnseed, how would you word your proposed referendum? A default isn't like an on-off switch. A lot of complex things happen, with even more complex consequences. So what exactly are you thinking of putting before the people?
at last a relevant response!
iolarcoiscuain I'm not overly sure what way it should be worded but i know we have to stop borrowing money to prop up our failed banks. what should have happened 2 years ago was to let the whole lot fail and create a government bank or nationalise one of the banks probably bank of ireland.
you say we cant just turn off the switch.. zimbabwe ditched their own dollar and adopted the US dollar thus eliminating inflation and stabilising their economy- inflation was 50% PER DAY :o
Our hands are not tied we may have to crash our economy completely to restart it.. better that than have it rot away before our eyes and be enslaved.
the bondholders don't expect to get paid at this stage alot of them have already traded off our debt and taken the pain.
back to the referendum question- probably something similar to what iceland asked its citizens
Iceland's unemployment quadrupled after their default and Zimbabwe!
Some serious research needs to be done first. Default is disastrous, the question is 'is it less disastrous?'.
It's gas to me how people talking about "pain" and "enslavement" and then think defaulting on debt will bring less "pain" and "enslavement." Lads, this is the big rock candy mountain compared to what a default would do.
And if we do default, and we're there queuing three hours for a loaf of rationed bread in the shops, how exactly will be restore the economy then? With whom will we trade? Not Britain or Continental Europe - we just stiffed them for a lot of dough. Don't see the Yanks hanging around. With whom do we trade?
it takes 3 hours to get a loaf in iceland..?
i think your missing the point theres not an economist in ireland whos not predicting default by the end of 2012 or early 2013 government borrowing is up on this period last year and thats with the cuts and the extra taxes. the country IS BANKRUPT we are living on handouts to pay the interest on debts acumulated by crooks and traitors, our politicians are merely administrators for the ecb. we were'nt happy under the crown what makes you think our new rulers are going to be any better
There is a massive difference between default and restructuring. We need it to be the latter, if we pulled the plug last week it would have been the former.
mere terminology.. heres how it works.. sorry lads the value of your investment can go up as well as down better luck next time.. we can offer you 10 cents on the euro.. maybe.. it depends what the people of ireland want they are the boss
Quote from: lawnseed on April 05, 2011, 10:30:25 PM
mere terminology.. heres how it works.. sorry lads the value of your investment can go up as well as down better luck next time.. we can offer you 10 cents on the euro.. maybe.. it depends what the people of ireland want they are the boss
If we do a disorderly default, we will be calling everyone on earth boss.
Quote from: muppet on April 05, 2011, 10:34:38 PM
Quote from: lawnseed on April 05, 2011, 10:30:25 PM
mere terminology.. heres how it works.. sorry lads the value of your investment can go up as well as down better luck next time.. we can offer you 10 cents on the euro.. maybe.. it depends what the people of ireland want they are the boss
If we do a disorderly default, we will be calling everyone on earth boss.
we've been doing it since the vikings landed we're well used to it boss ;)
iceland say no again and give britain and the netherlands the two fingers, it can be done
Quote from: lawnseed on April 10, 2011, 11:45:42 AM
iceland say no again and give britain and the netherlands the two fingers, it can be done
It can but it is the worst way to do it.
Negotiated default is much better all round.
I think all this talk of the corporate tax rate is a cover for the real problem. Most of Europe sees us (and calls us) the Wild West of banking. They also see us as a tax haven. My guess is that a deal will be struck regarding our pathetic regulation in the financial sector. The headline corporate tax rate will either be fudged or won't change and the Government will get the significant reduction in the rate (not enough imho) or the debt hopefully.
Quote from: lawnseed on April 10, 2011, 11:45:42 AM
iceland say no again and give britain and the netherlands the two fingers, it can be done
Iceland now to be sued by those two countries. The BBC's analysis:
The Icelandic people were damned if they did and damned if they didn't. It looks as if they still couldn't stomach the idea of paying off the debts of privately owned banks - even if the revised deal was considerably more generous.
The consequences of this referendum vote is that Iceland's years in the financial wilderness could be extended much further.
Moody's and other ratings agencies look set to downgrade the country even further, making it prohibitively more expensive to borrow on the open markets.
Iceland's bid to join the EU will be paused or even vetoed by Britain and the Netherlands. And the tiny Atlantic economy is facing legal action in the EFTA court which might force it to pay up sooner than planned and at a punitive interest rate.
Democracy doesn't pay if you're an Icelander.
It'll be interesting to see what the court makes of the proposition that the population of a state is de facto guarantor for the private debts of corporations registered in that state.
Quote from: Hardy on April 10, 2011, 05:57:42 PM
It'll be interesting to see what the court makes of the proposition that the population of a state is de facto guarantor for the private debts of corporations registered in that state.
[/quote
Regardless of any court decision though, they're still pretty fooked, both financially and politically.
Quote from: Hardy on April 10, 2011, 05:57:42 PM
It'll be interesting to see what the court makes of the proposition that the population of a state is de facto guarantor for the private debts of corporations registered in that state.
excellent point hardy. eg would the people of nothern ireland be liable for the debts accrued by the likes of delorean motors maybe thats a bad example but you can see where i'm coming from..
iceland wont take any hurt because they are practically denmark the danes will continue to trade with them as will norway nothing stopping them from devaluing also
Quote from: lawnseed on April 04, 2011, 10:25:02 PMwhats money got to do with it
Everything.
Quote from: lawnseed on April 04, 2011, 10:25:02 PMeither we run the country or we dont.
You don't.
(Though for clarification, when I say "you", I mean the people who actually live in the country)
Quote from: lawnseed on April 04, 2011, 10:25:02 PMif we dont run the place whats the point in having elections why are we paying these monkies..?
Just about the only point of the recent election was so that the monkeys would continue to get paid - it was the monkeys who called it, after all.
A better question might be why donkeys were permitted to vote in the election.
Quote from: lawnseed on April 04, 2011, 10:25:02 PMif we tell europe to shove it what are they gonna do evict us?
Well you've got one thing right, at least.
Anyhow, if you think 800 years of Bruddish Oppresshun was bad, believe me, you don't want to p i s s off the Germans... :o
Quote from: Hardy on April 10, 2011, 05:57:42 PMIt'll be interesting to see what the court makes of the proposition that the population of a state is de facto guarantor for the private debts of corporations registered in that state.
I may be wrong, but afaik, the UK/Dutch case is based on the fact that Iceland nationalised Landsbanki in 2008 and guaranteed the deposits of Icelandic investors, but not those in Britain and Netherlands:
http://www.fme.is/?PageID=581&NewsID=331
All three countries are Members of EFTA; I imagine that EFTA Rules do not permit such discrimination, hence the pending case before the EFTA Surveillance Authority.
Quote from: Evil Genius on April 12, 2011, 12:44:07 AM
Quote from: Hardy on April 10, 2011, 05:57:42 PMIt'll be interesting to see what the court makes of the proposition that the population of a state is de facto guarantor for the private debts of corporations registered in that state.
I may be wrong, but afaik, the UK/Dutch case is based on the fact that Iceland nationalised Landsbanki in 2008 and guaranteed the deposits of Icelandic investors, but not those in Britain and Netherlands:
http://www.fme.is/?PageID=581&NewsID=331
All three countries are Members of EFTA; I imagine that EFTA Rules do not permit such discrimination, hence the pending case before the EFTA Surveillance Authority.
The Court case will merely give the Government an 'out'.
Iceland is completely screwed either way.
Quote from: muppet on April 12, 2011, 12:10:34 PM
Quote from: Evil Genius on April 12, 2011, 12:44:07 AM
Quote from: Hardy on April 10, 2011, 05:57:42 PMIt'll be interesting to see what the court makes of the proposition that the population of a state is de facto guarantor for the private debts of corporations registered in that state.
I may be wrong, but afaik, the UK/Dutch case is based on the fact that Iceland nationalised Landsbanki in 2008 and guaranteed the deposits of Icelandic investors, but not those in Britain and Netherlands:
http://www.fme.is/?PageID=581&NewsID=331
All three countries are Members of EFTA; I imagine that EFTA Rules do not permit such discrimination, hence the pending case before the EFTA Surveillance Authority.
The Court case will merely give the Government an 'out'.
Iceland is completely screwed either way.
Indeed. Though I suspect that the political "out" which the Icelandic Government may derive from the electorate following a rejection by the ESA, will be greatly outweighed by the financial penalty which the ESA will impose on Iceland, seeing as they (electorate) were so "ungrateful" as to vote No to the
relatively generous settlement contained in the 2nd Referendum proposal.
Iceland might have done well to heed the lesson learned (the hard way) by Greece, ROI and Portugal etc, which is that you shouldn't play cards with the Big Boys, if you aren't prepared to take the losses which may follow.
how can a country be screwed, the yanks have been trying to screw cuba with sanctions for 40 years now their health service is dependant on cheap cuban doctors.
ok other countries can seize assets.. what have we got.. f**k all.. youy cant take feathers off a frog