Discussion in 'Economics' started by Debaser82, Feb 20, 2011.
You know it... try harder... Who should God save in UK ?
What do you think will hapen if it comes to a referendum and they vote against it...
I have no idea... All I know is that what should happen is the expulsion of Iceland from the EEA.
Countries default all the time. Did Russia ever pay back on their Imperial Bond default in 97-98?
Registered: Sep 2004
New Post 02-21-11 03:37 AM
Quote from T_Geithner:
fuck the Americans, who cares, they deserve whatever hell that descends upon them
Corrected for you.
"a plague on both houses"
haha, ok, fair enough!
Iceland is doing better than Ireland presently...at least its GDP is not still declining...so, who got bailed out? The Iceland President didn't approve the deal to pay back U.K. and Netherlands $5B at 3.3% interest starting in 2016 and running through 2046...but he didn't reject it either...it will be put to referendum for the people to decide for themselves, after all its the people that have to pay for all this in the end. Last deal rejected was the same deal at 5% interest and it was rejected in referendum. Iceland didn't ask U.K. or Dutch to make thier citizens whole on thier speculative foreign bank investments, chasing yield at an Iceland bank? Why should we assume that when a nations private banks fail then the nation has to bail them out, even if it ruins the solvency of the nation? Ireland would have been better off not grabbing on to the tarbaby of its own banks. Supposed incentive for Iceland is that if it doesn't go along the IMF will not advance any more money and U.K. and Dutch will block thier membership in EMU, so they won't have access to cheap debt anytime soon. I'm not sure that the Icelanders would be better off if they approve the deal. After all, you can only pay debt with income, and all these proposals are really just about new debt. They might be better off it they just go fishing.
Well, as it's been established that virtually noone anywhere had adequate collateral where does that leave your point?
They won't. If the Icelandic people are naive enough to vote it down Iceland will be punished. The EU has significant leverage against Iceland.
People in this thread speak as though this is a decision to be made in a vacuum. It most definitely is not.
Separate names with a comma.