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Iceland charges European states with ‘bullying’

Posted By yihan On September 5, 2011 @ 1:43 am In Money Watch | Comments Disabled

Reuters [1]
Monday, September 5, 2011

REYKJAVIK (Reuters) – Iceland’s president accused European countries on Sunday of having bullied it into agreeing to guarantee repayment of the debts of a failed bank, reviving a dispute with Britain and the Netherlands whose citizens are owed billions.

When Iceland’s banking sector collapsed in the 2008 global financial crisis, accounts were frozen at the bank Landsbanki, which had accepted deposits from British and Dutch savers through online funds called Icesave.

Iceland says the estate of the failed bank will be enough to repay about $5 billion of debt to the British and the Dutch. The two countries had wanted the government in Reykjavik to give a state guarantee to the repayment.

In a referendum earlier this year, Icelanders rejected for a second time giving a guarantee.

“People (in the government) bowed to the bullying of the Europeans …,” President Olafur Ragnar Grimsson told RUV public radio. He said the British and Dutch demand that the government guarantee the debt had been “absurd.”

Full story here. [1]

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URL to article: http://www.prisonplanet.com/iceland-charges-european-states-with-%e2%80%98bullying%e2%80%99.html

URLs in this post:

[1] Reuters: http://www.rawstory.com/rs/2011/09/04/iceland-charges-european-states-with-bullying/

[2] Iceland Rejects Icesave Bank Payback Plan: http://www.prisonplanet.com/iceland-rejects-icesave-bank-payback-plan.html

[3] Icelandic Taxpayers Win Key Case Against European Establishment: http://www.prisonplanet.com/icelandic-taxpayers-win-key-case-against-european-establishment.html

[4] Iceland Rejects Bankster Shakedown: http://www.prisonplanet.com/iceland-rejects-bankster-shakedown.html

[5] Britain sues Iceland for £3.5billion for refusing to pay back bailout cash: http://www.prisonplanet.com/britain-sues-iceland-for-3-5billion-for-refusing-to-pay-back-bailout-cash.html

[6] The President Of Iceland Tells Us How He Had The Balls To Stand Up To Britain: http://www.prisonplanet.com/the-president-of-iceland-tells-us-how-he-had-the-balls-to-stand-up-to-britain.html

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